LONDON (AP) -- Shares in Chloride Group PLC, Europe's largest maker of backup power supplies, soared 35 percent after the company rejected a preliminary $1.3 billion takeover approach from U.S.-based rival Emerson Electric Co.Britain's Chloride, which specializes in maintaining uninterrupted power to information technology systems, said that the preliminary approach of an all-cash offer of 255 pence ($4.99)per share for a total of 657 million pounds "materially undervalued the company and its prospects."
"Accordingly, it was not in the interests of Chloride and its shareholders and the board has rejected it," the compoany said
Chloride did not name its suitor but St. Louis-based Emerson Electric later revealed it was the bidder, saying it made its first approach to the board of the British company on March 18.
Read More
