Parker Increases domnick hunter Cash
Parker Hannifin announced that it has increased its cash offer for all
outstanding shares of domnick hunter from its previous offer made on September
16. The offer is subject to the necessary level of domnick hunter
shareholder acceptance. Following the announcement by the U.K. Office of Fair Trading, all competition consents have been obtained to allow for Parker Hannifin's acquisition of the outstanding shares of domnick hunter. In addition, the directors of domnick hunter have again unanimously recommended that all
domnick hunter shareholders accept the increased offer, which is also
supported by domnick hunter senior management.
The domnick hunter group had 2004 revenues of approximately $280 million.
The acquisition is expected to be accretive to earnings after integration costs and synergies within the first full year of integration. The transaction is expected to close in the fall of 2005.
domnick hunter, founded in 1963, is an international group of companies specializing in the design and manufacture of filtration, separation, and purification products and technologies for a wide range of markets. The domnick hunter group is headquartered in