In a bid to take over French protection equipment company Sperian Protection, Honeywell International Inc. bid $1.4 billion.
Honeywell offered $117 per share in cash for Sperian, representing a 67% premium over the last price before private equity firm Cinven made a 536 million euro bid for the maker of head and body protection.
Sperian's board approved the bid and was to recommend shareholders take up the offer, the companies said in a joint statement. In addition to requiring shareholder approval, the deal also needed the blessing of EU and U.S. antitrust regulators as well as the French government in order to go ahead.
French lens maker Essilor and the wife of Sperian's founder, Ginette Dalloz, who hold a combined 28% of the company's capital, had already indicated they would take up the offer.
"In combination with Sperian, Honeywell anticipates that its safety products business will benefit from significant synergies, expanded access to global distribution channels, and a strong retail presence," they said.
Copyright Agence France-Presse, 2010
