Cooper takeovers Menvier

Cooper takeovers Menvier

Cooper Industries of the US launched an agreed pounds 164.5m, 310p per share, cash takeover bid for Menvier-Swain Group. The two companies said the offer represented a premium of approximately 51.2 per cent to the closing middle market quotation of 205p per Menvier-Swain share on 10 November, the day before bid talks were announced. Cooper has received irrevocable undertakings to accept the offer from directors of Menvier-Swain and family interests representing approximately 13.4 per cent of the company's equity. H John Riley Jr, Cooper's chairman, said: "The acquisition of Menvier- Swain is another important step in our long-term strategy to enter new markets and extend the global reach of Cooper's Electrical Products segment. It is an exceptional opportunity to combine Menvier-Swain's strength in the European emergency lighting market with Cooper's existing activities."