Proxy firms support Eaton acquisition of Cooper
CLEVELAND -- Diversified manufacturer Eaton Corp. said Tuesday that three major independent proxy advisory firms have recommended that Eaton shareholders vote in favor of the company's pending acquisition of Cooper Industries plc.
Eaton agreed in May to buy the Dublin-based electrical components maker for about $11.46 billion, in a move designed to expand its reach in the global electrical power and distribution business.
Under the agreement, Eaton would acquire Cooper by forming a new holding company incorporated in Ireland, to be renamed Eaton Corporation plc.
Eaton said Tuesday that Institutional Shareholder Services, Glass Lewis and Egan-Jones all recommended that Eaton shareholders vote in favor of the deal. The company will hold a special meeting for shareholders to vote on Oct. 26.
Cleveland-based Eaton makes electrical and hydraulic components, systems and services. It also makes aerospace fueling, hydraulic and pneumatic systems for commercial and military use as well as vehicle drivetrain and powertrain systems.
Eaton shares rose 58 cents to $45.78 in afternoon trading.