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Stanley, Black & Decker to combine on fourth try NEW YORK -- Stanley Works agreed to purchase Black & Decker Corp. Monday for US$3.5 billion in stock after on-and-off talks that spanned almost three decades. The companies discussed combining three other times over about 27 years, Black & Decker Chief Executive Officer Nolan Archibald said in an interview. Stanley Works' offer valued Black & Decker, the maker of DeWalt power drills and Price Pfister faucets, at about US$57.57 a share, or 22 percent more than Monday's closing price. Earlier attempts fell apart over who would be CEO, Archibald said. This time the two companies decided on Stanley CEO John Lundgren, a 58-year-old who worked at tissue and plywood maker Georgia-Pacific Corp. before joining New Britain, Connecticut-based Stanley in 2004. Lundgren said he called Archibald in late April to propose the move. |
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