American rival abandons purchase negotiations for Chloride
Emerson Electric has announced that it is no longer considering making an offer for rival power protection firm Chloride.
Chloride had previously decided that Emerson’s £357m offer “undervalued the firm and its prospects.”
Emerson, the world number one in uninterruptible power supply systems, decided against putting in a higher bid for Chloride, the fourth largest player in the market.
Chloride’s recent preliminary announcements for the year ended 31 March 2008 indicated record results, with sales up by 31% to £267.6m and operating profit up 54% to £36.1m.
The Chloride board has announced that it believes the firm to have excellent prospects as an independent group.
Electrical and Mechanical Contractor