Siebe withdraws from bid contest for Whessoe
Friday 28 February 1997
The market had been expecting Siebe to raise its 155p-a-share bid, which valued Whessoe at pounds 46m, but Allen Yurko, chief executive, said yesterday: "We do not believe that a significantly increased offer would be in the best interests of Siebe shareholders and the board has therefore decided not to increase the price that it is prepared to pay for Whessoe." He said that its offer was based on sound industrial logic and the "clear synergy opportunities" provided by integrating Whessoe's instrumentation lines with Siebe's control systems division.
He said the group applied "strict criteria" when looking at potential acquisitions, particularly with regard to product technology, growth potential and synergy opportunities.
"Valuation, however, based on current trading conditions remains the overriding issue when considering an acquisition," he added.
Hans Olav Torsen, chief executive of Seatex, which is changing its name to Navia next month, last night urged Whessoe shareholders to accept the consortium's offer. He said: "The Whessoe business fits perfectly with Navia's operations in Norway and those of Endress & Hauser in the United States. We are pleased Siebe recognises that Whessoe has greater strategic value to us."
Seatex is based in Trondheim in Norway. It is hoping to merge Whessoe's Autronica marine automation and fire detection business, also based in Trondheim, with its own operations, which include air traffic control- related systems and shipboard navigation equipment.
Whessoe's instrumentation operations, which include the measurement and monitoring of large storage tanks, are seen as complementary with Endress, a private Swiss company.
Seatex was originally rebuffed after approaching the British group about Autronica at the end of 1995. It returned with Endress earlier this month, but was gazumped by the announcement of Siebe's offer.
Siebe's shares ended 3.5p ahead at 968.5p.
Swedish stars ask fans for £195 pledges on crowd-funding website
voicesJust when you thought you could find a man, get married, and have a baby by the age of 35... it turns out you’re too late, says Grace Dent
sportNapoli 2 Arsenal 0: Gunners must now face either Real Madrid, PSG, Bayern Munich, Atletico Madrid or Barcelona in knock-out stages
musicAs Mariah Carey and Noddy Holder rake in the royalties from their classics, why there hasn't been a decent festive hit for 20 years?
theatreAuthor Daniel Rosenthal recalls the mishaps that almost brought the curtain down on the likes of John Gielgud and Diana Rigg
filmFilm producers sue Warner Bros for $75m over Hobbit films
lifeAs the Royal Mail plans to phase out deliveries on two wheels, it's no wonder posties are in a spin
musicThe 21-year-old beat Ella Eyre and Chlöe Howl to win the honour
lifeFull of the joys and want to help your fellow man? December isn't the time to do it
techLuke Blackall reports on precision engineered prams and babygros that monitor your child 24-7
Nelson Mandela memorial: ‘Bogus’ interpreter made mockery of Barack Obama’s tribute
David Cameron explains selfie with Obama and Helle Thorning-Schmidt at Mandela Memorial
French café starts charging extra to rude customers
Krokodil in Mexico? Teenager hospitalised after 'injecting drug into her genitals'
Australia incest case: Filthy and severely deformed children found in remote farming community after generations of inbreeding
- 1 Nelson Mandela memorial: ‘Bogus’ interpreter made mockery of Barack Obama’s tribute
- 2 It’s shameful that our universities have accepted gender segregation under pressure from the most oppressive religious fanatics
- 3 John McAfee's $100 'anti-NSA' device: 'this is coming and cannot be stopped'
- 4 Is Facebook making us forget? Study shows that taking pictures ruin memories
- 5 Australia incest case: Filthy and severely deformed children found in remote farming community after generations of inbreeding
- < Previous
- Next >
iJobs Money & Business
£77099.84 - £96375.26 per annum + Bonus + Benefits : Harrington Starr: My clie...
£45000 - £60000 per annum + Bonus and Package: Harrington Starr: Trading appli...
£50000 - £60000 per annum + BONUS + BENEFITS: Harrington Starr: A leading prov...
£70000 - £90000 per annum + BONUS + BENEFITS: Harrington Starr: A leading mark...