Colfax (NYSE:CFX) has offered to buy Dublins Charter International for $2.4 billion, trumping rival bidder Melrose.
Charter, which manufactures tools and equipment, opened its books to Melrose two weeks ago after it sweetened its bid to 850 pence a share. Colfax stepped in after with a higher offer of 910 pence a share.
The Fulton, Md.-based maker of fluid handling products to the commercial marine, oil and gas, power generation and defense sectors said the $14.45 a share offer values Charter at about $2.43 billion.
Charter's board has unanimously recommended the offer to its shareholders.
Colfax said the deal will accelerate its growth strategy of becoming a multi-platform enterprise with strong global presence.
This is a transformational acquisition for Colfax that accelerates our growth strategy, enhances our business profile and continues our journey to becoming a premier global enterprise, the companys chairman, Mitch Rales, said in a statement.
The transaction will be financed by Colfax using a combination of cash and debt.