New Britain tool maker Stanley Black & Decker Inc. said Monday it has offered to buy the Swedish commercial security and monitoring company Niscayah, topping a competing bid, The Associated Press reports.
The offer amounts to roughly $2.78 per share, or 18 Swedish krona, Stanley said, and added it is 15 percent above Niscayah’s closing price on Friday.
Stanley said the bid is valued at $1.2 billion including debt, but did not say how much debt was being assumed. Calls to the company before office hours were not returned.
Stanley also said its offer is a 24 percent premium over a May 16 bid for Niscayah by Securitas AB.
An independent committee of Niscayah’s board has recommended that shareholders and warrant holders approve the deal, and shareholders representing about 19.5 percent of Niscayah’s stock have committed to the offer, Stanley Black & Decker said.
In March 2010, the former Stanley Works completed its $4.5 billion merger with former Maryland-based Black & Decker Corp.
