Seeking security

9 June 2003

The UK security group is inclined to accept UTC’s lowball offer, expected to come in at around 75p a share. That s not terribly appealing. But then the board must think Chubb s prospects aren t either.

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Chubb is expected to strike a deal with UTC, the US industrial group, selling the company for about 75p a share. The UK security group's board is meeting on Tuesday and an announcement could come around the end of the week. The expected offer would value Chubb's equity at £620m. Chubb was already in talks with UTC – and reportedly negotiating around the 90100p level when it issued a profit warning at the end of April. The group has also been hit by fears about its pension fund deficit. Chubb previously held talks with European rival Securitas, but they collapsed last year.

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