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Components | June 20, 2011

Cooper Industries wants to buy Laird, but was rejected

Cooper Industries plc made a proposal to the Board of Laird plc - on 1 June, 2011 - to acquire Laird by way of a cash offer at 185 pence per Laird share, a 35% premium to yesterday's closing price.
This proposal is subject only to limited pre-conditions. The Board of Laird has rejected this proposal. "Cooper is disappointed 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 strong preference remains to work towards a recommended transaction through a constructive dialogue with the Laird Board", a statement reads.

Commenting on the proposed transaction, Cooper Chairman and CEO Kirk Hachigian said, "Laird has a strong product portfolio backed by a highly talented engineering and R&D team. Combining Bussmann's leading electronics and industrial products with Laird's suite of performance material, components and wireless system offerings, Cooper Industries would create a world class portfolio of circuit protection, power management and industrial wireless solutions. Through this product portfolio combination, along with the benefit of Cooper's proven financial and operating disciplines, we are able to provide the Laird Board with a proposal that represents a significant premium in cash to Laird's current share price. We hope to engage the Board of Laird with the goal of securing a recommended transaction."

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