Cooper Agrees to Acquire RTE for About $322 Million in Cash
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HOUSTON — Cooper Industries, a diversified electronics manufacturer, announced Monday that it had agreed to acquire RTE Corp., a Brookfield, Wis., electrical equipment distributor, for about $322 million in cash.
RTE’s board previously recommended that shareholders reject a $36-a-share offer from Mark IV Industries Inc. and authorized the management to look for alternative ways to maximize the shareholders’ values.
Its directors unanimously approved Cooper’s offer and recommended that RTE shareholders pledge their shares, the companies said in a joint statement.
Under the definitive agreement, Houston-based Cooper said it would pay $45 a share for RTE’s 7.16 million outstanding shares starting on or before Friday through its Cooper Power Acquisition Corp.
RTE’s stock jumped $3.375 to close at $44.375 on the New York Stock Exchange, suggesting investors expect the deal to go through.
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