Electrical products company Cooper Industries Plc (CBE.N) said it may withdraw its $875 million (533 million pound) takeover bid for British rival Laird Plc (LRD.L) because the companies have been unable to agree on price. Cooper, on July 27, raised its takeover bid for Laird to 200 pence per share from 185 pence. Two days later, however, Laird wrote to Cooper that it would enter talks only if the bid were raised to 220 pence per share, according to a letter made public by Laird. Cooper, based in Dublin, said that price is not "appropriate or justifiable," and said it will withdraw its takeover bid if Laird does not change its mind by 5 p.m. Monday in London.
Cooper Industries plc (Cooper) is engaged in the manufacturing, marketing and selling of electrical products and providing services worldwide. Shares of CBE fell by 1.95% or $-1.04/share to $52.31. In the past year, the shares have traded as low as $41.01 and as high as $70.00. On average, 1179460 shares of CBE exchange hands on a given day and today's volume is recorded at 4510572.
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