Cooper makes £19.4m rival bid for Mount

Cooper Controls, a subsidiary of $5bn turnover Cooper Industries, trumped Wakefield engineering firm Redhall with an 82p per share offer.

Cooper's offer, which has yet to be approved by Mount's directors, is 17.1 per cent higher than Redhall's recommended offer of 70p per share made last week.

Mount said while it is "unable to make a formal recommendation" of the Cooper offer until at least five days after its approach, it notes the premium to Redhall's offer. Mount added previous irrevocable undertakings by shareholders backing Redhall's bid, other than those made by management, are no longer binding.

"At this time the board recommends that shareholders take no action with regard to any offer for the group," said Mount in a statement.

Redhall revealed its 16.5m offer for Mount, a manufacturer of components for hazardous industries, last Wednesday. Rival interest from Cooper emerged late on Monday, when it initially said it was considering an offer of at least 78p per share.

Cooper Industries, a leading manufacturer of electrical distribution equipment, lighting and fuses, said it hopes to win a recommendation from Mount's directors as soon as they are released from contract.

It plans to pay for Mount using its cash resources.

Kirk Hachigian, chairman, president and chief executive of Cooper Industries, said: "We believe that Mount is a good fit with the Cooper Group and brings a strong range of complementary products that should create cross-selling opportunities. We believe we can provide the right business environment and resources to continue to invest in, grow and develop Mount."

Earlier this week Redhall chairman David Jackson insisted he is not giving up in his pursuit of Mount, adding he has been chasing the company for about four months.

"It's a bit like David and Goliath, but I seem to recall David won," he said.