Laird Falls After Cooper Industries Says Reviewing Interest
Laird Plc (LRD), the biggest maker of electronic shields for laptops and flat-screen televisions, fell the most in 16 months in London trading after Cooper Industries Plc (CBE) of the U.S. said it’s reviewing its interest in the company.
Laird declined 14 pence, or 6.9 percent, to 190 pence at 4:57 p.m., cutting the company’s market value to 506 million pounds ($806 million). It was the biggest fall since March 2010.
London-based Laird has refused to allow Cooper, a Houston- based electrical-distribution equipment maker that said June 16 it might make a 185 pence-per-share offer, access to its books. Cooper has been given until Aug. 1 to announce a firm intention to bid for Laird or say that it doesn’t intend to bid.
“Laird’s current share price is driven by market expectations of an offer for the company rather than by the fundamental value of Laird,” Cooper said in a statement today. “Given the current high share price, together with the position adopted by the board of Laird, Cooper is now considering its continued level of interest in Laird and there can be no certainty that any formal offer will be made.”
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