In a move that will consolidate two major players in the market for uninterruptible power supplies (UPS) and related systems, the boards of directors of Emerson Electric Co., Pittsburgh, and Chloride Group PLC, London, announced that the Chloride board “unanimously intends to recommend acceptance of Emerson's cash offer” for all shares of Chloride. Emerson made the offer on June 28 in the final move of a billion-dollar bidding war against Swiss technology giant ABB Ltd. for the U.K.-based manufacturer of UPS products and systems.

Emerson's cash offer of 375 pence per share, made through its subsidiary Rutherfurd Acquisitions Limited, comes to approximately $1.49 billion, a substantial premium over ABB's final offer of $1.25 billion. Emerson's original offer in late April was rejected by Chloride's board as significantly undervaluing the company and launched a bidding war that boosted the final deal by almost 38 percent over Emerson's initial offer.

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