Vero considers bigger US offer

Vero considers bigger US offer
Melanie Reynolds Vero Group is considering a late offer from Pentair despite having accepted the offer from Applied Power (APW). US industrial manufacturer Pentair is offering ?102.2m while APW has offered ?94.4m for the UK enclosure manufacturer company. “We felt we could afford a superior offer and we hope to get the recommendation of the Vero board to be switched to us,” said Richard Ingman, Pentair’s chief financial officer. “We want to stress that this is not a hostile takeover.” However, Vero directors have already signed an irrevocable undertaking to accept APW’s offer and are bound by the agreement unless an alternative bid attracts more than half of the shares (see EW, April 29). “We are considering our situation,” said Brian Gay, Vero’s managing director. “Applied Power put out a statement on the morning that Pentair indicated they would make an offer, in effect reserving their position to come back with an alternative offer if they so choose.” The Vero board’s recommendation depends on what other offers are received in the coming days. Pentair already owns Schroff who are Vero’s competitors in the electronics enclosure market. “We can see suitable benefits to our customers for access to Vero products through Schroff and Schroff products through Vero,” said Ingham.


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