Laird hangs up on handset antennae after rejecting bid

Laird today said it will shut its struggling handset antennae business, a day after rejecting a £493 million takeover approach from Cooper Industries.

The company said it had been working on the move for several months, and is not a reaction to the offer. It is likely to result in some plant closures in China, but the company could not confirm how many jobs would be lost.

Laird, once a shipbuilding giant, is working on the flight deck of the Royal Navy's new aircraft carrier, HMS Queen Elizabeth.

The company described the bid as "opportunistic" as it undervalues the business at 185p a share. The shares rose 5.1p to 194p.