A bid battle looks on the cards at electronics group Laird.
The company has rejected a 185p a share cash bid from US electrical products group Cooper Industries, which values the UK business at nearly £500m. In the market Laird shares have leapt 52.7p to 190p, suggesting the market does not think this is the end of the story.
Cooper said it made its proposed offer on 1 June, saying it was disappointed Laird was not willing to "enter a constructive dialogue." Cooper wants Laird's board to open the books and commit their stakes to the offer.
Laird's products include electromagnetic shielding used in laptops and mobile phones, supplying companies such as Samsung and Nokia.
Cooper, which has bought 34 companies over the past seven years, employs 25,000 people around the world, including 2,100 in the UK.
