Citi Reports Cooper Industries' Bid For Laird Was Rejected

According to Citi, Cooper Industries CBE $960 million bid for Laird was rejected. Citi said that it was disclosed on June 16 that UK-based electrical components maker Laird has rejected a $960 mil takeover bid by Cooper Industries. “Although the offer is a healthy 35% above the prior day stock price, the implied 2011 multiples represented about 1x EV/revenue and 7x EV/EBITDA, both at the lower-end of what we believe might be commanded for an acquisition in this space.” Cooper Industries closed yesterday at $59.62.