French Rival Pushes Square D Takeover
Schneider S.A. of France on Monday appealed directly to shareholders in a hostile takeover bid for Square D Co.
The Schneider subsidiary set up to take over Square D--SQD Acquisition Co.--announced a cash tender offer of $78 per share, or $1.92 billion, for all outstanding common and preferred shares of the electrical equipment maker.
Square D’s board last week spurned the same offer from the French fuse box maker, a major competitor.
The offer stands until March 29, unless extended, Schneider said.
On Monday, Square D stock slipped 87.5 cents in trading of New York Stock Exchange shares to close at $75.625.
Analysts said Square D’s immediate future would remain uncertain until it became clear how shareholders respond to Schneider’s offer and until legal questions were resolved.
