Laird suitor Cooper is left frustrated by demands

By Ruth Sunderland
Updated: 15:57 EDT, 31 July 2011

US predator Cooper has threatened to pull the plug on its bid approach to British manufacturer Laird saying it is ‘frustrated’ by the UK company’s demands for a price of not less than 220p a share.

Cooper initially offered Laird 185p a share in June, a premium of 35 per cent to the previous day’s closing price.

It returned last week with an increased offer of 200p a share, valuing Laird at £533million.

Demanding: US predator Cooper has threatened to pull the plug on its bid approach to British manufacturer Laird saying it is 'frustrated' by the UK company¿s demands for a price of not less than 220p a share

However, Laird is not prepared to open its books to Cooper unless it offers at least 220p a share, a figure it is understood to have arrived at after consulting its shareholders.

Cooper chairman and chief executive Kirk Hachigian said: ‘We are frustrated. We have been clear that we have some flexibility on price and are keen to review any information provided by Laird to see if a deal can be done.

‘However we don’t think we can justify the 220p per share which Laird says it requires.’

Cooper has until 5pm today to decide whether to pull out. If it withdraws it will not be able to make an overture to Laird for six months.