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Offer for MTL Instruments becomes unconditional to acceptances |
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Written by Sam Fountain
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Friday, 11 January 2008 |
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The Houston, Texas-based firm which made an offer for electronic instruments and protection equipment maker, MTL Instruments before Christmas has announced that its offer to takeover has become unconditional.
The UK subsidiary of Cooper Industries, headquartered in the US, said that it received valid acceptances for 18m shares or about 92 per cent of Luton-based MTL, making its offer for the firm unconditional.
Cooper UK said that since making an announcement of its intent to acquire the shareholdings of MTL before Christmas, it had increased the number of irrevocable undertakings to accept the offer it had received from MTL shareholders from 27 per cent to almost 92 per cent, including exercises of options by MTL employees.
MTL's share price has risen by almost fourteen per cent since the offer wqas announced on December 14 and stands at 682.5p.
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