ABB Inc. announced that it had reviewed the latest offer announced by Emerson of $5.65 per Chloride Group plc share (approximately $1.5 billion) and has decided not to match Emerson’s offer. Chloride responded by stating that it will enter into discussions with Emerson.
"While we still see considerable value in the combination of ABB and Chloride and have a high regard for the Chloride management team, we must take a disciplined approach when assessing potential acquisitions," said Joe Hogan, ABB’s CEO.
Chloride, which provides companies with systems to protect against power outages, was a well known battery manufacturer but has been a secure power solutions firm since 2000. It employs 2,300 people in 15 countries.
