NEW YORK: Aerospace parts maker TransDigm bowed out of an $8.7 billion takeover battle with fellow U.S. bidder Parker-Hannifin for Britain’s Meggitt on Tuesday, wiping as much as 14% off British target’s share price.

Meggitt, which had agreed a 6.3 billion pound ($8.7 billion) offer from Ohio-based Parker, saw some of the gains made in expectation of a bidding war wiped off its stock after TransDigm said it could not conclude a possible 900-pence-a-share bid.

Shares in Meggitt, which was approached by TransDigm last month and whose stock has gained nearly 80% since Parker’s offer was made public in early August, were down 12% at 738 pence by 1306 GMT, below Parker’s 800 pence-per-share bid.

TransDigm said it had decided not to proceed based on the “quite limited” due diligence information it had access to.

Meggitt said it gave TransDigm and Parker “equivalent access to both confirmatory due diligence information and management”, adding that further information was provided to the suitors in response to a request from TransDigm.

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