Acquisition trail cleared for Cooper Safety
Security systems manufacturer Cooper Safety, based in Leamington Spa, seems to have a clear path to the acquisition of Mount Engineering, after Yorkshire's Redhall announced it would not be increasing its purchasing offer.
Leamington Spa-based Cooper Safety threw a curveball into what appeared to be a done-deal between York-based Mount and Redhall last month.
Redhall announced to the Stock Exchange that it would not increase its offer of 70p per share, valuing Mount at £16.42m.
Engineering services company Redhall was trumped by Cooper Safety, which revealed that it would make an offer of £19.2m, at 82p per share.
The Redhall bid had initially looked set to complete after Mount’s board had confirmed the offer was reasonable and had recommended acceptance to its shareholders.
Redhall said the outcome was disappointing given the complementary nature of Mount's activities.
Cooper Safety is a subsidiary of Wales-based Cooper Controls.
