Shareholder advisory group Glass Lewis is recommending that Cobham shareholders vote in favour of the company's £4bn offer by US private equity group Advent International, two days after Institutional Shareholder Services issued similar advice.

The advisory group says the bid is in the best interests of shareholders, as it offers a fair takeover premium and an all-cash exit at a favourable valuation taking into account the potential outcomes, risks and uncertainties inherent in the UK defence and aerospace company's business plan.