Cooper's bid gets '10pc backing'

Cooper's UK subsidiary Cooper Controls is locked in a bidding battle with Wakefield engineer Redhall to buy the York-based company.

Cooper said it has irrevocable undertakings from 9.8 per cent of Mount's shareholders to accept its takeover.

$5bn turnover Cooper has offered 82p per share for Mount, a small engineering firm making threaded adaptors for the oil and gas industries.

That trumped a 70p per share, 16.4m offer by Redhall, which is still technically recommended by Mount's board. Shareholders Edmund and Agnes Kirk have both pledged their 1.96 per cent stakes at the current offer price.

Cumbrian philanthropic organisation Kingmoor Park Charitable Trust, set up by insurance and property mogul Brian Scowcroft, has pledged its 5.84 per cent stake in support – but only based on Cooper raising its offer to at least 90p.

That would value 9m annual turnover Mount at 21.1m.

Redhall, which focuses on safety critical products and services spanning the nuclear, oil and gas sectors, wants Mount to increase its access to international energy markets and bolster its specialist manufacturing capability.

Cooper says Mount would be a good fit with its own products.