Law360, New York (June 29, 2012, 3:09 PM ET) -- Gas meter manufacturer Elster Group SE confirmed Friday that it agreed to a $2.3 billion takeover by British private equity firm Melrose PLC, firming up details that had been the subject of speculation over the past two weeks.
Melrose, which targets underperforming manufacturing companies, will pay $20.50 per American Depositary Share in Elster and $82 for each other share, representing a 49 percent premium over Elster's closing price on June 11, the day before transaction rumors began to swirl.
The private equity firm will back the...
Simpson Thacher Guides Melrose On $2.3B Gas Meter Co. Buy
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