UTC boosts its offer for Kidde plc
By SSN Staff
Updated Sat January 1, 2005
HARTFORD, Conn. - United Technologies Corp. raised its bid for Kidde plc, a fire equipment and smoke detector manufacturer located in the United Kingdom, in early December by about 3 percent to GBP 1.38 billion ($2.67 billion).
UTC’s drive to purchase Kidde centers around its plan to add fire equipment to its Chubb security unit, a division it purchased in 2003 that includes an installation arm and the Counterforce alarm business.
Paul Jackson, an UTC spokesman, declined to comment on the offer.
UTC secured U.S. regulatory approval in October to increase its stake in Kidde to as much as 30 percent from 2.6 percent. But the U.K. Takeover Panel increased pressure by giving UTC a deadline of Dec. 16 to increase its initial offer or be forced to withdraw from bidding for six months.
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