Pall Climbs After Report Filtration Maker May Be BoughtSonja Elmquist
Pall Corp., a maker of air and water filtration equipment, jumped the most in 12 years after the Wall Street Journal reported the company is close to being bought.
Pall Corp. rose 19 percent to $118.62 in New York, its highest price since July 1980. The surge erased the company’s year-to-date drop, pushing its market capitalization to $12.7 billion.
Both Danaher Corp. and Thermo Fisher Scientific Inc. are pursuing Pall, the Journal reported, citing people familiar with the matter whom it didn’t identify. Final bids are due later this week, the paper said.
The Journal estimated the Port Washington, New York-based company could fetch $13 billion or more in a sale. Pall, whose products include air filtration systems used in airplanes and biochemical manufacturing, had a market valuation of $10.6 billion at the close of trading Monday.
Pall and Washington-based Danaher didn’t respond to requests for comment. Ron O’Brien, a Thermo Fisher spokesman, declined to comment. Danaher gained 1.4 percent to $84.74 and Thermo Fisher fell 0.6 percent to $129.11.
If Danaher acquired Pall, it could jettison aerospace, energy and microelectronics units, since those markets aren’t critical to the buyer, said Joel Levington, an analyst at Bloomberg Intelligence in New York.
Danaher’s lineup spans products as diverse as dental equipment and water filters, while Waltham, Massachusetts-based Thermo Fisher makes scientific instruments and chemicals.