Senior PLC shares jumped 19% Friday after the aerospace and automotive components manufacturer confirmed it received multiple takeover proposals. The London-listed company disclosed it received two superior all-cash proposals from potential offerors, prompting the board to postpone a planned £40 million share buyback program. The board had previously rejected a preliminary proposal on January 14 as fundamentally undervaluing the company.

Following the initial approach, Senior appointed Lazard and Jefferies to initiate discussions with third parties about a possible offer for the entire issued and to be issued share capital. The company confirmed it received two further all-cash proposals from other potential offerors, which it described as superior to the earlier approaches. Discussions with potential offerors remain ongoing.

The board's decision to postpone the buyback program reflects the seriousness of the takeover interest and regulatory obligations. Senior is now in an 'offer period' as defined in the City Code on Takeovers and Mergers, with the Panel Executive granting a dispensation from certain Code requirements. The company stated there can be no certainty that an offer will be made nor as to the terms on which any offer might be made.