Eaton Increases Cash Offer to Acquire domnick hunter
Diversified industrial manufacturer Eaton Corporation announced today it has increased its cash offer from its previous August 26 offer for the entire issued and to-be-issued share capital of domnick hunter group plc.
The directors of domnick hunter unanimously recommended that all domnick hunter shareholders accept the increased offer.
The offer is subject to certain regulatory approvals and other conditions and the necessary level of domnick hunter shareholder acceptance. The acquisition is expected to close later this year. Eaton said that the acquisition is expected to be accretive to Eaton's earnings per share after integration costs and synergies within the first full year of integration.
Traded on the London Stock Exchange, domnick hunter had 2004 revenues of $280 million. It is an international group of companies specializing in the design and manufacture of leading filtration, separation and purification products and solutions for a wide range of industries and applications. The company operates in 25 countries and employs more than 1,900 people.
Source: Eaton Corporation plc