AN industrial firm at the centre of a takeover tug-of-war saw its value rise again yesterday.
The battle for air filtration specialist Domnick Hunter, based in Birtley, County Durham, now favours Eaton Industries after it trumped Parker Hannifin with an offer worth £247.5m.
US-based valve specialist Parker had moved into pole position on Friday with a proposal valued at £244m and backed by the Hunter board.
Directors of the UK company are now siding with Eaton, which hopes to create a leading supplier of filtration, separation and purification products by combining Hunter with its recent acquisition of European-based Hayward.
Parker Hannifin sparked the battle at the start of August when it tabled an offer worth £215.7m for the company.
Eaton, an industrial group, then emerged with an offer worth £242m.
Hunter makes filtration and purification products for a range of industries, including fizzy drinks and pharmaceutical companies.
Both companies have described a tie-up as positive for Domnick Hunter's 1,800-strong workforce, including 800 people in the UK.
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