Fake $14.7 Billion Textron Takeover Bid Leads to Criminal Charge

A supposed $14.7 billion offer to buy defense contractor and aircraft maker Textron Inc. in 2020 has resulted in criminal charges against the would-be acquirer.

Melville ten Cate, 53, a dual U.S.-Netherlands citizen, was charged with fraud connected to several alleged schemes involving his now-defunct company, Xcalibur Aerospace Ltd., including the fake tender offer, prosecutors said in an indictment unsealed Tuesday in Manhattan federal court.

Ten Cate in November 2020 published the tender offer in the New York Times, falsely claiming London-based Xcalibur would buy all the outstanding shares that his company had lined up $11 billion in financing for ...