Ending a three-month battle by Danaher Corp. to acquire Exide Electronics Group, Inc., BTR plc agreed to acquire Exide for $352 million in cash in a bid for growth in the uninterruptible-power-supply market. BTR, London, U.K., agreed to pay $29 a share for Raleigh, N.C.-based Exide and to assume about $233 million in debt.
Exide would be integrated with BTR Control Systems, a supplier of industrial batteries serving similar markets, BTR said. The acquisition would combine Exide's strength in computer products with BTR's telecommunications lines. Exide also benefits from access to BTR's sales and distribution network, which includes Europe, Asia and Latin America, said Doug Milner, Exide's vice president of strategic development.
Exide had put itself on the sales block last summer after rejecting a $20-a-share takeover offer from Danaher.