Cooper abandons Laird takeover bid
Nikhil Kumar is The Independent's New York correspondent. He was formerly assistant editor on the foreign desk and has also done a variety of jobs on the city desk, where he wrote about markets, commodities and other business and economics topics.
Tuesday 02 August 2011
Cooper Industries, the Dublin-based electrical products company which has been attempting to buy London-listed Laird since June, has abandoned the £537m takeover after failing to strike an agreement on the price.
Copper had hoped to win over the Laird board by raising its offer at the end of July to 200p from 185p. But shortly afterwards, Laird, which makes electro-magnetic shielding devices for laptops and mobile phones, wrote back saying that it would enter takeover talks only if Cooper upped its bid to 220p per share.
At the time, Cooper chief executive Kirk Hachigian said: "We are frustrated. We have been clear that we have some flexibility on price and are keen to review any information provided by Laird to see if a deal can be done."
But yesterday, Cooper backed off, saying that although it still believed that "there would be strategic merit" in buying the rival business, it was unwilling to proceed at the price demanded by the Laird board or without being able to undertake due diligence.
"Consistent with the announcements on 27 July and 30 July, Cooper has elected to withdraw its interest," the company said.
News of the decision prompted a sell-off in Laird's share price, which slumped by nearly 15 per cent to close at 159.8p, down 27.9, last night.
- 1 President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
- 2 ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
- 4 Sir Winston Churchill’s family begged him not to convert to Islam, letter reveals
President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
Exclusive: Abusers using spyware apps to monitor partners reaches 'epidemic proportions'
UK weather: Warning for more snow and ice as freezing temperatures and gales hit Britain
Stoke-on-Trent becomes first British city to be classified as 'disaster resilient' by the United Nations
AirAsia flight QZ8501 missing: Search for plane carrying 162 passengers from Indonesia to Singapore suspended overnight
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Millions of Britons struggling to feed themselves and facing malnourishment
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Nigel Farage: Ukip leader named 'Briton of the year' by The Times
Immigrants make UK racist, says Ukip councillor Trevor Shonk
iJobs Money & Business
Not specified: Selby Jennings: VP/SVP Credit Quant Top tier investment bank i...
Not specified: Selby Jennings: Quantitative Research | Global Equity | New Yor...
Not specified: Selby Jennings: SVP Model Validation This top tiered investment...
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...