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Chloride jumps on bid rejection

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Date: Monday 12 May 2008

LONDON (ShareCast) - Shares in Chloride surged ahead after the power supply protection firm said it had rejected a preliminary 255p per share cash offer.

The group received a preliminary approach from a third party regarding a possible offer, which it said was subject to a number of conditions and pre-conditions including due diligence.

“The board of Chloride considered the proposal and concluded that it materially undervalued the company and its prospects. Accordingly, it was not in the interests of Chloride and its shareholders and the board has rejected it,” said the group.

Chloride was responding to a report in the Sunday Telegraph, which suggested potential buyers could be US firms Eaton Corp, Emerson Electric or French outfit Schneider Electric.

The group added that it has excellent prospects as an independent group.

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