Vero has second US suitor

Vero has second US suitor
Richard Wilson
A second US bid for enclosure firm Vero Group has been made. The cash takeover offer from Pentair is being considered by Vero, which has already recommended to its shareholders an earlier bid from another US firm APW.
The new offer from Pentair values the UK manufacturer at around ?102m, higher than APW’s “accepted” bid which put a ?95m price tag on Vero. Pentair is not looking for a hostile takeover of Vero and is keen to seek a recommendation for its 170p per share offer for the company.
Vero has said that it is considering its position with regard to both US takeover bids. APW has not yet indicated whether it will increase its offer. Vero, which has had a disappointing year financially, says that it has not sought a buyer but has been independently approached by both firms.


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