UK UPS maker Chloride rejected a 275p per share offer large US industrial equipment maker Emerson made on Friday 23rd April, which required a response by Sunday 25th.

Chloride did not respond to the all-cash offer before the Emerson deadline, which valued the firm at about £723 million ($1.1 billion), the bidder said.

In a subsequent statement, Chloride confirmed Emerson's approach regarding a possible offer for the company at 275 pence per share in cash...which was subject to due diligence and the unanimous recommendation of the board of Chloride.

This is not the first time Chloride rejected a buy-out offer from Emerson.

The company said it held talks in 2008 with Emerson regarding a 270p per share offer and "this offer was rejected as it undervalued the company."

Emerson, in its explanation of the failed 2008 bid, said that at the time "confidential discussions became prematurely public and never achieved any meaningful level of engagement or consideration."

Rejecting the latest offer Chloride said it had continued to develop the business since 2008 and that the company had better prospects as result of the steps it had taken in this regard.

It said the latest offer proposal from Emerson continued to significantly undervalue the company and accordingly rejected it.

The price offered represented a 34 percent premium on Chloride's trading price as the markets' close on 22 April, according to Emerson.

After the offer Chloride's share price jumped over 40% to over 295p.

Analysts speculated about possible rival bids from firms such as Eaton Power and Schneider Electric.