Danfoss Refuses To Hike Tender Offer for Sauer-Danfoss

NEW YORK (AP) -- Danfoss A/S, a Denmark-based manufacturer of valves and fluid handling, reiterated Monday it won't be raising its cash offer to acquire the remaining outstanding shares of Sauer-Danfoss Inc. for $14 per share.

The statement came after directors at Sauer-Danfoss reversed course and urged investors not to sell their shares to Danfoss A/S, which already owns 75.7 percent of Sauer-Danfoss and wants to buy the rest.

Danfoss A/S said Monday the current deadline for acceptance of its offer is April 29 at midnight.

Shares of Sauer-Danfoss, which makes hydraulic, electric and electronic systems and components, were still trading above the offer price Monday. Shares fell 41 cents, or 2.3 percent, to $17.50 in morning trading.