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BTR to buy Exide for $352 million

Dec. 1, 2003
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

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.

About the Author

Doug Chandler | Senior Staff Writer

Doug has been reporting and writing on the electrical industry for Electrical Wholesaling and Electrical Marketing since 1992 and still finds the industry’s evolution and the characters who inhabit its companies endlessly fascinating. That was true even before e-commerce, LED lighting and distributed generation began to disrupt so many of the electrical industry’s traditional practices.

Doug earned a BA in English Literature from the University of Kansas after spending a few years in KU’s William Allen White School of Journalism, then deciding he absolutely did not want to be a journalist. In the company of his wife, two kids, two dogs and two cats, he spends a lot of time in the garden and the kitchen – growing food, cooking, brewing beer – and helping to run the family coffee shop.

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