Emerson Ups Chloride Offer To $1.5B In Bidding War

Law360, New York (June 29, 2010, 3:06 PM EDT) -- Emerson Electric Co. offered to buy Chloride Group PLC for £997 million ($1.5 billion) Tuesday, escalating its bidding war with Swiss power and automation technology company ABB Ltd. for the U.K.-based power systems manufacturer.

The proposed cash tender offer would give Chloride stockholders 375 pence (556 cents) per share and represents a 15 percent premium over ABB's June 8 offer, which is valued at about ₤860 million.

Emerson's proposal will further offer Chloride shareholders a final dividend of 3.3 pence per share for the financial year...
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