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 Windows 10: man updates PC, wakes up to find porn slideshow on repeat
- 2 The 'world's most beautiful vagina' has been debunked by science
- 3 John Green schools morning show hosts after awkward interview with Cara Delevingne
- 4 Bulletproof armadillo puts Texas man in hospital after shot bounces off hard shell
- 5 Doctors declare war on Jeremy Hunt over weekend working 'myths' amid plan for seven day NHS
Whoopi Goldberg tells Cara Delevingne to suck it up: 'She's not famous. I'M famous'
John Green schools morning show hosts after awkward interview with Cara Delevingne
Jack the Ripper's final victim set to be exhumed following new theory on the killer's identity
Supermodel Gisele Bundchen mocked for wearing a burka to avoid being seen visiting plastic surgeon in Paris
Bulletproof armadillo puts Texas man in hospital after shot bounces off hard shell
Yvette Cooper: Our choice is years of Tory rule under Jeremy Corbyn – or a return to a Labour government
Is Britain really full up? Are migrants taking our jobs? Leading academic answers the most common anti-immigration claims
Calais Migrant Crisis: Deputy Mayor of Calais labels Cameron's use of 'swarm' as 'racist' and 'ignorant'
Labour leadership: New poll shows party is now even 'less electable' than under Ed Miliband
While we fixate on Calais, the Home Office is quietly deporting dozens of migrants on 'ghost flights'
Calais crisis: The seven claims made about the migrants - and the reality
iJobs Money & Business
£30000 - £35000 per annum: Recruitment Genius: This is an exciting opportunity...
£13000 - £15000 per annum: Recruitment Genius: Are you passionate about custom...
£22000 - £25000 per annum: Recruitment Genius: Main purpose: Under the directi...
£35000 - £37000 per annum + benefits : Ashdown Group: Contracts Manager - City...