Cooper gets closer to control of Mount Engineering
COOPER Controls has secured the acceptance of more than 70% of the shareholders in Mount Engineering for its £19.23m bid.
The offer by Cooper Controls has now become unconditional and remaining shareholders have until November 12 to accept.
Mount, which operates Redapt Engineering and Raxton in the West Midlands, was the subject of a battle between Redhall Engineering and Cooper Controls, a subsidiary of US firm Cooper Industries.
The takeover battle raged throughout the summer, and saw US-based Cooper Controls wrench Mount away from the Redhall Group after the latter opted not to increase its offer.
Yorkshire-based Redhall was last month thought to have clinched the deal after submitting a £16.4m – 70p per share – offer for Mount. The company was deemed attractive because it offered Redhall the chance to improve its presence in the oil and gas sector.
However, the Mount board recommended to shareholders they accept the Cooper offer of 82p per share, which values the business at £19.23m.
The Cooper offer represents an increase in value of the company of £6.5m since it began trading on the AIM market in July 2007.
