India, July 16 -- Swiss technology major ABB Ltd (ABBN.SW,ABB.ST,ABBNY) Thursday announced its agreement to acquire Rotork plc (ROR.L, RTOXF), a British actuator manufacturer and flow control company, in a deal with enterprise value of around $5.5 billion.
The companies agreed the terms of a recommended cash offer for Rotork, under which each Rotork shareholder would be entitled to receive 503 pence in cash per Rotork share.
The per share price represents a premium of around 60% to Rotork's latest 3-month average share price.
Rotork shareholders will also be entitled to receive an interim dividend for the period to June 30 of up to 3 pence per Rotork share without any reduction to the offer value.
The transaction is expected to close in...