Kollmorgen Ups Bid for Pacific Scientific
Kollmorgen Corp. said it is raising its offer for Newport Beach-based Pacific Scientific Co. to $23.75 a share, or about $300 million, in cash and stock, two weeks before Pacific Scientific shareholders meet to vote on the bid. Pacific Scientific said later in the day that it will “promptly review” the offer and make a recommendation to its shareholders. Kollmorgen, a Massachusetts-based maker of generators, said it had been tendered about 52,400 shares, less than 1% of the outstanding shares. The company wants Pacific Scientific for its line of motion-control equipment and motors, which it could use with its motors for machines that help make products such as semiconductors. Kollmorgen originally offered in December to buy Pacific Scientific for about $264 million in cash and stock, or $20.50 a share. Pacific Scientific said the offer was inadequate and erected poison-pill takeover defenses. Pacific Scientific’s stock closed Friday at $25.13, up 50 cents, on the New York Stock Exchange.