UPDATE: Cooper Industries plc Increased Possible Cash Offer of 200 Pence Per Share for Laird

Cooper Industries plc CBE notes the publication by Laird plc of its interim results earlier today. Cooper notes Laird's full year earnings forecast of 16 pence per share, compared to the consensus of 16.4 pence per share on 26 July and the consensus of 17 pence per share on 15 June, the day before Cooper's initial proposal was announced. In addition, Cooper notes that at 1 pm today (London time) Laird's shares had fallen by c.3 per cent. during the course of today, following the publication of Laird's interim results. Cooper continues to believe there is strategic merit in acquiring Laird. However, Cooper is unwilling to do so without being able to undertake due diligence. The announcement by Laird of an exit from its Handset Antennae business (the "Handset Antennae Business") and Cooper's significant concerns over the impact this will have on the wider group, its employees, its relationship with an important customer and the possible resultant negative impact on the value of the Laird business have reinforced Cooper's view that due diligence is appropriate and necessary to protect the interests of Cooper's own shareholders. On Monday 25 July, Laird provided a single page of high level forecasts, unsupported by any details, commentary or assumptions. On Tuesday 26 July, Cooper indicated to the Chairman of Laird a willingness to consider increasing its price to 200 pence per share to gain access to due diligence, with the potential to increase further if the facts revealed in due diligence supported a higher valuation. Despite this, Laird continues to refuse to allow Cooper to conduct due diligence. Based on the conversations over the past two days with Laird and its advisers, Cooper continues to be concerned that the Board of Laird has a view on the value of the company which is significantly greater than its own.