But in a lengthy statement distributed by the company, Danaher said that its all-cash offer was superior to Hexagon's, mostly because the value of Hexagon's offer relies heavily on Hexagon stock, which Danaher said was volatile and thinly traded. It had revenue of $773 million in the fiscal year ended March 31.Ī spokesman for Danaher could not be reached yesterday. Leica's systems use satellite positioning and three-dimensional graphic imagery to create highly accurate measurements and depictions of finished structures in less time than traditional surveying techniques. Leica is a fast-growing seller of high-tech surveying systems used by construction firms, real estate developers and engineers to map out a piece of land. In addition to Craftsman, its hand tool brands include Allen and Armstrong.ĭuring the past two years, Danaher has focused on acquiring small and medium-sized industrial firms in highly specialized businesses such as Leica. The Montgomery County natives assembled the first holdings in Danaher in the 1980s and early 1990s through a series of high-profile and often hostile corporate takeovers. They don't offer to put up a billion dollars unless they've done their homework."ĭanaher has bought more than 40 companies in the past 20 years since it was founded as a holding company controlled by the brothers Mitchell P. Langenberg, an independent analyst who follows Danaher for Langenberg & Co. "Nobody tries to get into a bidding war on purpose," said Brian K. The board rejected the June Hexagon offer out of hand before accepting Danaher's bid. Leica yesterday said its board was reviewing the latest offer from Hexagon. On Monday, Hexagon raised its offer for Leica to the equivalent of about $1.15 billion, but a significant portion of the offer included Hexagon stock. Danaher's deal followed a June bid from Stockholm technology company Hexagon AB, which offered $788 million in cash and stock for Leica. The maker of Craftsman tools and industrial measurement devices had reached an agreement on July 26 to pay $925 million in cash for Leica Geosystems AG of Switzerland. Danaher Corp., a District-based industrial conglomerate, yesterday said it was standing pat on its offer to buy a Swiss surveying firm despite a higher competing bid from a Swedish company.
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