Laird jumps as it spurns US group’s £493m bid
ONE of the most famous names in British shipbuilding has rejected a £493m bid from US firm Cooper Industries, citing the offer as too low and “opportunistic”.
Laird confirmed yesterday that its board had unanimously rejected a 185p per share in cash offer from across the pond, saying that it “substantially undervalues the company and its prospects”.
Laird, formerly known as Cammell Laird, was founded in 1824 as Birkenhead Ironworks in Liverpool and built its first ship for the British government in 1840.
In recent years, however, the firm has changed into an electronics and technology company, making electromagnetic shields for mobile phones and laptops.
Ohio-based Cooper, its larger rival with a market capital $10bn and 25,000 employees compared to Laird’s staff of 50 in the UK, confirmed yesterday that it approached the firm at the beginning of June said it is “disappointed that despite its efforts to enter into a constructive dialogue with Laird on several occasions, the Laird Board has stated that it is currently unwilling to engage with Cooper”.
Laird shot up 38 per cent yesterday, closing at 188.90p, up 51.60p, suggesting investors anticipated a higher bid for the company.