Hostile bid

Swedish technology group Hexagon has launched a hostile CHF 441 (€ 283) per share takeover bid for Leica Geosystems.

Leica's Board said it objected to the unsolicited nature of the bid and that it undervalued the company. Hexagon's offer, which includes a +21.23% premium over Leica's highest opening share price in the previous 30 days, is valid until 5 August 2005.