Dutch seals distributor ERIKS has increased its bid for valve manufacturer Royal Econosto NV to €8.21 per share in cash from €7.80 after reports Gilde Buy Out Partners BV will increase its original bid to compete.
Econosto has two divisions: flow and sealing technology (the production, sale and distribution of valves, gaskets, sealing products, hoses, couplings, instrumentation systems, chemical seals, etc.); and Comfort and Environmental Technology (production and sale of domestic and industrial HVAC and energy systems and services.)
ERIKS owns about 8% of Econosto shares.
According to the ERIKS press release, ERIKS has agreed to acquire 20.4% of the shares from a group of shareholders, including Janivo Beleggingen B.V., Gestion Deelnemingen V B.V. and TWE Beheer B.V.; and these shareholders have committed to tender the remaining 15.9% of the shares held by them under the Increased Offer when it is made.