Cooper Industries plc announced that on 1 June it made a proposal to the Board of Laird plc to acquire Laird by way of a cash offer at 185 pence per Laird share. This proposal is subject only to limited pre-conditions. Cooper believes there is a strong rationale for this transaction and that an all cash offer at this level would provide Laird shareholders with an attractive premium combined with the certainty of cash value now.
The Board of Laird has rejected this proposal. Cooper expressed disappointment 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. Cooper’s preference remains to work towards a recommended transaction through a constructive dialogue with the Laird Board.