Stanley Makes Bid for Cooper’s Tool Unit

Stanley Works, the largest U.S. hand-tools maker, said it offered to acquire Cooper Industries Inc.’s tool business, which includes Crescent wrenches.

Stanley Works wouldn’t comment on the terms, a spokesman said. A Cooper spokesman also wouldn’t comment. Analysts value Cooper’s tool business at $700 million to $800 million. Cooper also makes lighting fixtures.

Danaher Corp., the maker of Craftsman tools, is in talks to buy Cooper. Its takeover offer of about $5.8 billion is the second unsolicited bid it has made for Cooper in two years, prompting Cooper to open its books to other potential buyers.

Cooper Chief Executive H. John Riley Jr. had said companies other than Danaher were interested in the company. A decision on a Cooper sale will occur in several weeks, rather than months, Riley said on a conference call Oct. 23.

Eaton Corp., General Electric Co. and United Technologies Corp. also are possible bidders, analysts said.

Shares of Houston-based Cooper rose 75 cents to $40, while New Britain, Conn.-based Stanley Works rose 10 cents to $40.71, and Danaher fell 53 cents to $57.97, all on the NYSE.