Chloride Group Plc, a power protection firm in UK, said today that it has received a takeover bid of 275 pence per share from Emerson Electric Co. The bid values the equity of Chloride Group worth£723 million. However, Emerson said today that it is going public as Chloride did not respond before an imposed Sunday deadline.

Emerson Electric Co. said today that it had made a takeover bid of £723 million or 275 pence per share for Chloride Group on Friday.

The recent offer of Emerson represents a 34% premium to the last closing price of Chloride and a 40% premium to the three-month average closing price. This is the second approach by Emerson for acquiring Chloride as it had made a bid of 255 pence per year in May 2008. Chloride rejected that bid saying it is undervaluing the company.

Emerson also said that it asked for a response from the board of Chloride by Sunday evening, but has so far not received any response by Chloride. As a result the company said it had decided to make the offer public.

Emerson expects that if the offer will be accepted, it would create powerful force in the global uninterruptible power supply market. The company said that Chloride will be better able to compete long term with the benefit of the strength and resources of Emerson.