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The following content is from an older version of this website, and may not display correctly.Emerson Electric Co. made the latest move in a bidding war for the UK-based UPS manufacturer Chloride on Tuesday, upping its previous bid to $1.51bn, the Wall Street Journal reported. The move comes several weeks after another power infrastructure vendor ABB offered to buy Chloride for about $1.29bn ÔÇô more than Emerson's previous failed offer to pay $1.1bn for the company.
Chloride board accepted ABB's offer earlier this month.
Emerson's latest bid includes a 3.3p dividend to Chloride shareholders.
"ABB notes the announcement made today by Emerson," Emerson's opponent in the possible acquisition said in a statement. "ABB will consider its options and will make a further announcement in due course."
Chloride rejected Emerson's first $1.1bn offer in late April, explaining the offer undervalued the company. Another failed bid by Emerson to buy the UK company came in 2008 ÔÇô an offer to acquire the company for 270p per share, which also was characterized as undervaluing the firm.
Chloride board accepted ABB's offer earlier this month.
Emerson's latest bid includes a 3.3p dividend to Chloride shareholders.
"ABB notes the announcement made today by Emerson," Emerson's opponent in the possible acquisition said in a statement. "ABB will consider its options and will make a further announcement in due course."
Chloride rejected Emerson's first $1.1bn offer in late April, explaining the offer undervalued the company. Another failed bid by Emerson to buy the UK company came in 2008 ÔÇô an offer to acquire the company for 270p per share, which also was characterized as undervaluing the firm.