Melrose to take over Elster, announces rights issue

Two weeks after confirming speculation that it was interested in German engineering group Elster, buy-out firm Melrose said that it is looking to take over the firm by spending 2.3bn dollars, or 1.5bn pounds.

Two weeks after confirming speculation that it was interested in German engineering group Elster, buy-out firm Melrose said that it is looking to take over the firm by spending 2.3bn dollars, or 1.5bn pounds.

The recommended acquisition will be implemented principally by a US tender offer to holders of Elster ADSs and Elster shareholders at a price of $20.50 per Elster ADS or $82 per Elster shares which is expected to commence around July 6th.

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