Tallahassee, FL 3/23/12 (StreetBeat) -- Esterline Technologies Corp. (NYSE: ESL) rose to the highest price in six months on speculation that the defense and aerospace supplier is a takeover target for companies including BAE Systems Plc, Boeing Co. (NYSE: BA) and Lockheed Martin Corp. (NYSE: LMT)Esterline, based in Bellevue, Washington, rose 8 percent to $73.75 at 10:42 a.m. in New York, and earlier touched $75, the highest in intraday trading since Sept. 1. Brian Keogh, a spokesman for Esterline, declined yesterday to comment.
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.
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