Chloride Group, the British power supply company, said Friday that it has accepted an improved takeover bid from the American competitor, Emerson Electric, that values it at £997 million ($1.5 billion).
Chloride said its board unanimously recommended that shareholders accept Emerson’s offer of 375 pence a share. Besides its cash offer for shares, Emerson said Chloride shareholders would also receive a final dividend of 3.3 pence a share for the year ending March 31, The Associated Press reported.