Laird once again rejects Cooper’s sweetened $871 million offer
29 Jul 2011
Eectrical components maker Laird Plc has once again rejected the sweetened £533-million (approximately Rs 3840 crore / $871 million) hostile bid from Cooper Industries saying that the revised bid still undervalued the company.
Houston-based Cooper yesterday had raised its cash offer to 200 pence-per-share, an 8-per cent increase on its last month offer of 185 pence-per-share.
The rebuff came just hours after Laird sought shareholders backing on plans to remain independent, by pledging to raise dividend and setting out financial targets. Laird yesterday declared an interim dividend of 2.7 pence, up from 2.1 pence last year, and recommended a full-year dividend of 8 pence.
After rejecting its initial approach last month as being ''opportunistic'', Laird yesterday claimed to have provided Cooper with ''high-level information'' so that the US group could ''better assess the fundamental value of Laird''.
But Cooper rubbished this claim saying that all Laird offered was a one-page ''high-level forecasts, unsupported by any details, commentary or assumptions" and renewed its call to be allowed full access to Laird's books in order to carry out due diligence.
Cooper, which has until 1 August under the UK takeover rules to say whether it plans to make a firm offer, said in a statement while making its revised offer, ''If the board of Laird is not prepared to engage with Cooper and provide access to reasonable due diligence before that date, Cooper would withdraw its interest.
