Danaher Bids for Cooper Industries
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HOUSTON (AP) _ Tool manufacturer Danaher Corp. said Wednesday it is making an unsolicited bid for Cooper Industries Inc. in a stock and cash deal valued at up to $5.5 billion.
This is the second time in almost two years that Danaher has proposed buying Houston-based Cooper, a manufacturer of electrical products and tools. Cooper rejected the earlier proposal.
Danaher, based in Washington, D.C., said the combination would create a significant global enterprise with combined revenue in excess of $8 billion and operating profit exceeding $1.2 billion.
Danaher would also assume about $1 billion in Cooper debt.
``This is a compelling transaction for both companies from both an industrial and financial perspective,″ said Danaher president and chief executive H. Lawrence Culp Jr.
Officials with Cooper could not immediately be reached Wednesday to comment on the latest Danaher proposal.
Danaher shares dropped $2.33, or 4.1 percent, to $54.26 in trading Wednesday morning on the New York Stock Exchange, while Cooper shares rose $10.29, or 24.8 percent, to $51.80.
On the Net:
Danaher site: http://www.danaher.com