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Danaher bids for Exide
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July 9, 1997: 3:02 p.m. ET
Unsolicited $20-a-share tender offer valued at $200M; Exide reviewing bid
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NEW YORK (CNNfn) - Exide Electronics Group Inc. said it is reviewing a $200 million, unsolicited bid launched by Danaher Corp., a Washington-based tool maker.
Earlier Wednesday, Danaher said it launched a cash tender offer of $20 per share for Exide. Danaher also has submitted a letter to Exide requesting a special shareholder meeting and proposed a dissident slate of board members.
In a statement, the Raleigh, N.C.-based power systems company said its board will make a recommendation to Exide shareholders within 10 business days.
Until then, Exide is urging shareholders to take no action, the company said.
Danaher first approached Exide with its $20-per-share bid on June 11. By July 9, Danaher was willing to raise the offer to $22 a share subject to confidential due diligence and negotiations; however, the revised offer still rejected.
-- from staff and wire reports
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