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UPDATE 1-France's Latecoere to examine Searchlight's offer of $414 mln

* Searchlight offered 3.85 euros per share

* Latecoere to study takeover offer

* Searchlight already owns 26% in the French company (Adds details and background)

PARIS, July 1 (Reuters) - French aeronautics company Latecoere said on Monday it would examine a takeover offer worth about 365 million euros ($414 million) by investment firm Searchlight Capital.

Searchlight Capital, which already owns about 26% of Latecoere's share capital, made an offer of 3.85 euros per share on June 28, representing a premium of 34% to Latecoere's closing price on Friday.

Latecoere said it would appoint an independent expert and consult employees' representative bodies to examine the offer.

"The board of directors of the company will issue its reasoned opinion after the issuance of the report of the independent expert and the opinion of the employees' representative bodies," Latecoere added on Monday.

In April, activist fund Searchlight - whose main offices are in New York, London and Toronto - swooped in to buy an initial 26% stake in Latecoere, in the latest example of activist funds targeting companies which they feel could perform better.

Latecoere is one of France's historic aviation and aerospace companies. The company was founded by Pierre-Georges Latecoere in 1917 and it is a partner to companies such as Airbus , Dassault Aviation and Boeing.

($1 = 0.8824 euros) (Reporting by Sudip Kar-Gupta; Editing by Sherry Jacob-Phillips)