VT Succumbs to Babcock

VT Group, the defence services company in the UK, agreed to a £1.3 billion takeover deal from the competing compay—Babcock International. The Southampton-based business had previously resisted an improved bid of £1.2 billion from Babcock.
However, Mike Jeffries, chairman of VT, said that the offer was now fair and reasonable and recommended shareholders vote in favour of the deal.