Siebe stages Eurotherm bid
15 Jan 2000
Temperature control specialist Eurotherm is set to become the latest and largest company to fall to Siebe's acquisition frenzy. A £423million bid for the company is set to be recommended by the Eurotherm board, bringing to an end three years of on-and-off negotiations.
According to Siebe, the acquisition will help it become a world leader in the temperature control market, and give it a 'significant entrance' into the variable speed drive business. The deal, if completed, will follow on from Siebe's earlier acquisitions this year, which included APV, Coleman and Unitech.
Both boards have agreed the offer, which values Eurotherm's shares at 443p. Eurotherm's board intends to recommend that its shareholders accept; until then, it remains open to other offers, according to sales director Martin Phillips.
