News blog
Mount Engineering
- BY: Andrew Hore |
- POSTED: 07/10/2010 |
Mount Engineering has recommended Cooper Industries’ 82p a share bid and Redhall has withdrawn from the fray.
Cooper announced its bid, which values Mount at £19.2m, on 1 October. It is significantly higher than Aim-quoted Redhall’s bid of 70p a share – the price at which Mount joined Aim in July 2007. Redhall’s bid was agreed and Mount was unable to recommend the Cooper bid immediately because of the terms of the previous deal.
Cooper has annual revenues of $5bn and the two businesses both supply products for hazardous areas. This will enable cross-selling through their distribution networks. Mount’s annual revenues are £9.3m.
Mount’s valve business may not fit in with Cooper’s operations and it could decide to sell it.
Cooper already had acceptances totalling 9.8% and the Mount directors own more than 6%.
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