LONDON ( TheStreet) -- Chloride Group, the British power supply company, accepted a takeover bid of close to 1 billion pounds ($1.5 billion) from Emerson Electric ( EMR). Emerson raised its offer for Chloride earlier this week, trumping a proposal from Swiss-Swedish company ABB ( ABB). ABB said Thursday it wouldn't match Emerson's bid. Chloride's board unanimously recommended that shareholders accept Emerson's offer of 375 pence a share. "Chloride is an excellent business with a strong strategic position in an attractive growth market," said Norman Broadhurst, Chloride's chairman. "The Emerson offer reflects these qualities, our expertise and the group's potential. Consequently, the board believes it is in the best interests of shareholders to recommend Emerson's offer." Back in April, Emerson had offered 255 pence a share. Chloride turned back that proposal. -- Reported by Joseph Woelfel in New York. Get more stock ideas and investing advice on our sister site, Stockpickr.com.