US company Danaher stepped up Monday to help Leica Geosystems of Switzerland, making a surprise takeover bid for the specialised measurement instruments maker that could fend off a Swedish attack.
Danaher made contact with Leica Geosystems in the wake of a hostile bid by Sweden’s Hexagon in June, Larry Culp, head of the Washington-based firm, told reporters in Zurich.
Danaher, which is also in the measurements business, has offered 10 percent more than Hexagon, proposing 500 Swiss francs (386 dollars, 320 euros) per share that sets a 1.4 billion Swiss franc price tag for Leica Geosystems.
Last month, Danaher paid 550 million dollars for German-based Leica Microsystems, which was part of the Leica group until the 1990s.
Leica split into three separate companies in 1996: Leica Geosystems, Leica Microsystems and Leica Camera, also based in Germany.
Leica Geosystems’ management said it backed the Danaher offer.
It noted that the US company said it would maintain the Leica Geosystems brand and 2,400-strong staff, 900 of whom are in Switzerland.
Leica Geosystems had previously rejected Hexagon’s bid and responded with a share buyback plan.
Following Danaher’s announcement, Leica Geosystems’ shares in Zurich jumped 10 percent to 500 Swiss francs.
