Bain Capital LLC is in final discussions to purchase Apex Tool Group - a joint venture between Danaher Corp and Cooper Industries Plc - for more than $1.5 billion, according to two people familiar with the matter. The private equity firm that was co-founded by U.S. presidential candidate Mitt Romney has prevailed over Platinum Equity LLC and American Securities LLC in the auction for the maker of industrial hand and power tools, the people said.Bain is expected to pay between $1.5 billion and $1.8 billion for the business, the people familiar with the matter said, asking not to be identified because the negotiations are not public.A deal may be finalized in the next several days although talks could still fall apart, the people said. Representatives of Bain failed to comment while Apex did not respond to a request for comment.Reuters reported on Aug. 23 that Bain, American Securities and Platinum Equity were among the final bidders for Apex Tool Group.
Cooper Industries plc (Cooper) is a global manufacturer of electrical components and tools. Shares of CBE traded higher by 0.72% or $0.54/share to $75.99. In the past year, the shares have traded as low as $43.21 and as high as $75.90. On average, 1717610 shares of CBE exchange hands on a given day and today's volume is recorded at 1150497.
Danaher Corporation (Danaher) designs, manufactures and markets professional, medical, industrial and commercial products and services. Shares of DHR fell by 0.23% or $-0.13/share to $55.53. In the past year, the shares have traded as low as $39.34 and as high as $56.45. On average, 2813570 shares of DHR exchange hands on a given day and today's volume is recorded at 4089217.
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