ERIKS ups Econosto bid

Industrial Distribution staff -- Industrial Distribution, 4/3/2008 6:03:00 AM

ERIKS group nv upped the ante in its bidding war with rival Gilde Buy Out Partners BV for Dutch industrial valve manufacturer/distributor Royal Econosto nv.

The Dutch power transmission and motion control distributor increased its bid for Econosto from roughly $200 million to just less than $210 million.

ERIKS said it has secured nearly 45 percent of Econosto’s shares, buying 8.6 percent outright and inking agreements to buy 20.4 percent from other shareholders who also committed to selling their remaining 15.9 percent stake to ERIKS.

Gilde had offered about $185 million for Econosto and the Bloomberg news service reports that the buyout firm was preparing an offer April 2 to trump the previous $200 million ERIKS bid.

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