US group Colfax is to buy British toolmaker Charter International for an agreed £1.53 billion ($2.4 billion) in cash and shares, after beating off rival bidder Melrose (NYN.L) with a 910 pence per share offer.
Charter, which makes tools & equipment, had opened its books to long-time suitor Melrose two weeks ago after British manufacturing buyout firm sweetened its approach with an 850 pence offer.
(Published 12 September 2011, 14:42 IST)
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