NEW YORK (TheStreet) -- Emerson Electric (EMR) - Get Report has come out with what appears to be a superior counterbid to Swiss company ABB's offer for British company Chloride with new offer valued at almost 1 billion pounds or $1.5 billion, according the Associated Press.
The offer trumps ABB's 325 pence a share or 864 million pound offer for Chloride, which the board had recommended on June 8.
Chloride had previously turned down Emerson's 255 pence a share offer, but said it was trying to clarify the details of the new 375 pence a share or 997 million pound offer.
Shares of Emerson Electric settled at $44.85 Monday, roughly unchanged.
-- Reported by Andrea Tse in New York
Get more stock ideas and investing advice on our sister site,
Copyright 2010 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.