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 Five-year-old Iris Grace is raising awareness of autism through her extraordinary paintings
- 2 Expert urges cat lovers to own just one animal each
- 3 Sainsbury's '50p challenge' poster telling staff to encourage customers to spend more placed in shop window instead of staff room
- 4 Yes, the iPhone 6 is a miracle, but it's Apple's tax affairs that deserve a double take
- 5 Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
Sainsbury's '50p challenge' poster telling staff to encourage customers to spend more placed in shop window instead of staff room
Five-year-old Iris Grace is raising awareness of autism through her extraordinary paintings
Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
Isis an hour away from Baghdad - with no sign of Iraq army being able to make a successful counter-attack
British man raped while urinating in bushes at Oktoberfest beer festival in Germany
Isis, we are told, is a 'clear and dangerous threat to our way of life'. I’m sorry, but I just don’t buy it
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
The Osborne Ultimatum: Chancellor’s benefits freeze bombshell will affect ten million households
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Should gay sex be illegal? 16% of Britons think so
Mark Reckless becomes second Tory MP to defect to Ukip in a month
- < Previous
- Next >
iJobs Money & Business
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...
NEGOTIABLE: Austen Lloyd: TRUST ACCOUNTANT - KENTIf you are a Chartered Accou...
£18000 - £20000 per annum + OTE £30000: SThree: SThree are a global FTSE 250 b...
Highly Competitive Salary: Austen Lloyd: CITY - Law Costs Draftsperson - NICHE...