Takeover rivals bid for Mount Engineering
1 min read
An agreed bid for the thread adapters and valves specialist Mount Engineering by the leading niche engineering support services group Redhall appeared today (28 September) to have sparked a takeover tussle with a third party outbidding Redhall's 70 pence a share offer which had valued Mount at around £16.4 million.
This morning, Cooper Safety – a UK subsidiary of Cooper Industries with its UK base at Leamington Spa – confirmed that it is evaluating a possible cash offer of 78 pence per Mount share.
In a statement on the possible new offer, Mount said it was considering its position and would seek to engage in dialogue with Cooper to further understand the precise details and terms of its proposed offer.
A further announcement will be made in due course, Mount told the London Stock Exchange.
Mount has three divisions: Redapt and Raxton, established in the 1970s, specialise in the manufacture and supply of thread converting adaptors and reducers certified for use in potentially explosive or hazardous areas. The products of both companies provide a method of insulating and protecting electrical wiring and installations in hazardous areas such as oil refineries where a stray spark from an electrical installation could have severe consequences. The requirement for thread converting components arises due to the diverse range of thread specifications incorporated into equipment used in hazardous areas. The third, Hi-Flow, was established in 1994 and stocks, distributes and sells industrial valves and actuators to the oil, gas, petrochemical, process and related industries.
