AUGUSTA, Ga. — The battle to acquire Roper Corp. appeared to be over with the announcement that Whirlpool Corp. was ending its bid, allowing General Electric Co. to proceed unopposed with a $507.6-million offer.
A spokesman for GE said the Fairfield, Conn.-based company would extend its offer until 5 p.m. Monday. But Robert Cook, chairman of Augusta-based Roper, indicated that he expected the deal to go through quickly and smoothly.
“I’d say it’s over,” Cook said. “We had already told our stockholders to tender to GE two days ago.”
GE and Whirlpool said early Thursday that negotiations were continuing over their rival bids for Roper, a manufacturer of appliances and lawn equipment.
But the companies announced Thursday night that Whirlpool was terminating its $50-per-share offer for Roper. GE is offering Roper $54 per share.
According to the GE announcement, GE will be free to acquire Roper and its manufacturing capacity for kitchen ranges and lawn equipment. Whirlpool obtains rights to the Roper name for major appliances.
GE will supply Whirlpool with electric and gas ranges for the Roper brand for at least two years under the agreement.
Also, Whirlpool will relinquish its $37.50-per-share option on 1.6 million Roper shares upon the completion of GE’s tender offer. And the companies agreed to various commercial relationships in which GE will sell to Whirlpool certain industrial components and materials.
The battle to acquire Roper began last November and led to a series of lawsuits charging, among other things, that Roper and Whirlpool engaged in activities designed to hinder GE’s ability to bid competitively for Roper.
The new agreement calls for the withdrawal of all lawsuits upon the completion of GE’s tender offer.
“For GE, the Roper factories and Roper’s strong Sears relationship makes this an important niche acquisition that will significantly strengthen our appliance business in an increasingly competitive global market,” said Roger W. Schipke, GE senior vice president in charge of the company’s appliance business.
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