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Danaher nabs Pacific Sci
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February 2, 1998: 2:36 p.m. ET
Makes $460 million offer, topping hostile bid from Kollmorgen
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NEW YORK (CNNfn) - Danaher Corp. rode to the rescue of Pacific Scientific Co. Monday when it announced it would top a hostile bid made by Kollmorgen Corp. last week.
Danaher (DHR), a Washington, D.C.-based maker of tools and environmental controls, said it will acquire Pacific Scientific with a cash offer of $30.25 per Pacific Scientific share (PSX), bringing the total value, including the assumption of debt, to $460 million.
Pacific Scientific, based in Newport Beach, Calif., makes electric motors, controls and aircraft equipment.
On Friday, Kollmorgen (KOL) - which also makes motors - offered up $23.75 in cash and stock for Pacific Scientific. The amount represents the latest in a series of unsolicited bids for Pacific Scientific, which Kollmorgen has been trying to buy since December.
Kollmorgen, based in Waltham, Mass., would not immediately comment on the possibility of raising its bid yet again.
However, after its latest bid was rejected by Pacific Scientific's board, Kollmorgen said that if Pacific continues to spurn its offers and Kollmorgen's slate of directors are not elected to the Pacific board at the company's special meeting of shareholders Feb. 13, then it would withdraw its hostile takeover bid.
The board of directors of Pacific Scientific has already unanimously approved the Danaher acquisition and the deal now awaits shareholder and regulatory approval.
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