Kidde accepts takeover bid from UTC
December 23, 2004
HARTFORD, Conn. - After receiving an offer a bit sweeter than the previous one, fire extinguisher manufacturer Kidde has accepted a GBP 1.44 billion ($2.8 million) takeover bid from United Technologies Corp.
The board of the U.K.-based company said the offer represented a fair price for the company, which had rebuffed UTCÃ¢â‚¬â„¢s previous bid.
The deal, reached on Dec. 16 after back and forth discussions between the two firms over a two-month period, paves the way for UTC to add fire-protection products to its Chubb security division, which includes the Counterforce alarm business. It also reunites Kidde with Chubb - the two companies made up Williams plc, a British engineering firm, before Chubb was purchased by UTC in 2003.