Redhall boss's Mount vow

Shares in York-based Mount rose 11.5 per cent yesterday after news of a potential approach from Cooper Safety, a subsidiary of multi-billion dollar US corporation Cooper Industries. Mount's shares closed up 8p at 77.5p.

Wakefield-based engineer Redhall last week unveiled a 16.4m, 70p per share cash offer for Mount, which was recommended by its board as a "good opportunity" for shareholders.

Warwickshire-based Cooper said late on Monday it is considering making a rival offer for Mount of at least 78p per share, subject to due diligence, which would value the firm at 18.3m.

"I don't feel inclined to give up," said Mr Jackson, although refusing to say whether he will raise Redhall's bid.

"I'm serious in my intent to land the business.

"It's a bit like David and Goliath, but I seem to recall David won.

"I get kicked in the stomach once a month in business, you always do. I'm somebody who responds to being kicked. I don't get stressed, I just think things through."

Mr Jackson said Redhall has been chasing Mount for about four months.

"This interest took everybody by surprise," he said. "I cannot see what it does for them (Cooper)."

Mount, a minnow on the stock market, with annual sales of about 9m, makes valves and components for the oil, gas and processing industries.

It said it is considering its position and consulting advisers.

"(We) will seek to engage in dialogue with Cooper to further understand the precise details and terms of its proposed offer," said Mount.

Cooper expects to complete due diligence by the end of the week.

Shares in Redhall dropped almost five per cent to 135.5p yesterday.