Emerson tops ABB's offer for UK's Chloride
By Robert Barr |
June 30, 2010, Wednesday
|
Print Edition
Print Edition
EMERSON Electric Co yesterday tabled a new offer worth nearly 1 billion pounds (US$1.5 billion) for Britain's Chloride Group Plc, topping an offer made by ABB Ltd of Switzerland.
Chloride, a provider of backup power installations for maintaining uninterrupted power to information technology systems, said it was seeking clarification of some details of Emerson's offer of 375 pence per share, which values Chloride at 997 million pounds.
On June 8, Chloride's board had recommended ABB's offer of 325 pence per share, which valued Chloride at 864 million pounds.
Chloride had previously rejected a 255 pence per share offer from Emerson.
Chloride shares rose 11.6 percent on the London Stock Exchange, indicating that the market expects a higher offer to emerge.
"We would be surprised to see ABB raise its 325p (plus dividend) offer," said Ian Robertson, analyst at Seymour Pierce in London. Any higher bid, he said would be more than 30 times earnings "for a company with relatively little technology and a 'service' business that is principally based around supplying replacement batteries."
However, Robertson said "Chloride's management have done an excellent job to position the business for sale and in attracting ABB to join the party."
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
