Stanley Black & Decker launches rival $1.2bn bid for Swedish Niscayah |
| Proactive Investors USA & Canada - Jun 27, 2011 |
US-based Stanley Black & Decker (NYSE:SWK) announced Monday that it has made a competing offer to buy Stockholm, Sweden-based security services company Niscayah (STO:NISC-B.) in a deal worth US$1.2 billion.
Under the terms of the offer, which has been recommended by Niscayah's board, Niscayah shareholders will receive 18 kronor per share in cash. The transaction value, including debt, is 7.6 billion kronor, or US$1.2 billion, Stanley said.
The proposal also represents a 47% premium to Niscayah’s closing price prior to the disclosure of Securitas' (STO:SECU-B) bid for Niscayah in May, as well as a 24% premium to the current value of Securitas all stock offer.
In mid-May, rival security firm Securitas made in all-stcok offer for about $880 million for Niscayah. Securitas is the former parent company of both Niscayah and Securitas Direct.
The new Stanley Black & Decker bid is also a 15% premium to Niscayah's closing share price on Friday.
Read Full Article from Proactive Investors USA & Canada
- Posted: 2011-06-27 09:46:08
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