Esterline Technologies Corp. (ESL) rose the most in more than two years on speculation that the defense and aerospace supplier is a takeover target for companies including BAE Systems Plc, Boeing Co. (BA) and Lockheed Martin Corp. (LMT)
Esterline, based in Bellevue, Washington, rose 10 percent to $75.20 at the close in New York, the biggest one-day gain since September 2009. Brian Keogh, a spokesman for Esterline, declined yesterday to comment on the takeover talk.
The Daily Mail, a London newspaper, reported yesterday on speculation that BAE Systems, Boeing and Lockheed Martin are interested in buying Esterline and that one of them is about to begin a bid of more than $95 a share.
Also yesterday, another U.K. publication, the Guardian, reported that traders suggested BAE Systems was studying an offer and that Honeywell International Inc. (HON) and United Technologies Corp. may also be interested.
The newspapers didn’t name any sources.
To contact the reporter on this story: Thomas Black in Dallas at email@example.com
To contact the editor responsible for this story: Ed Dufner at firstname.lastname@example.org