Colfax to buy Charter for $2.4 b

Colfax to buy Charter for $2.4 b

 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.