ABB Inks $1.25B Deal to Acquire Chloride Group

Law360, New York (June 8, 2010, 3:04 PM EDT) -- Swiss power and automation technology company ABB has reached a deal to buy U.K.-based Chloride Group PLC in a cash offer valued at about ₤860 million ($1.25 billion).

In an announcement Tuesday the companies said both boards of directors have agreed on a recommended offer price of ₤3.25 ($4.70) per share. Chloride shareholders would also receive a final divided of 3.3 pence (5 cents) per share.

The offer price represents a premium of about 55.5 percent based on the closing price April 23, the last business...
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