Rosebank Industries PLC on Monday said it is in talks with Cerberus Capital Management LP to acquire Electrical Components International Inc.
The London-based acquisitions vehicle said it has offered less than $1.9 billion for Electrical Components, a St Louis, Missouri-based manufacturer of electrical systems. Rosebank operates through a ‘buy, improve, sell’ model of acquisition, similar to Melrose Industries PLC.
If Rosebank’s offer is accepted, it will be funded via a share placing and open offer of up to £1.2 billion at 300 pence per share, in addition to new loans. Rosebank expects to finalise the terms of fundraising with shareholders shortly.
Rosebank shares were suspended from trading on AIM on Monday and will remain so until it publishes a final offer document. They closed up 3.1% at 660.00 pence on Friday.
For a deal to proceed, it will need approval from Rosebank shareholders and readmission to AIM trading.
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