August 17, 2013 / 9:56 PM / 4 years ago

UPDATE 1-Atlas Copco in talks to take over Edwards Group - report

STOCKHOLM, Aug 17 (Reuters) - Swedish engineering group Atlas Copco is in advanced talks with Edwards Group to take over the British industrial technology firm Sky News reported on Saturday.

The British television news service said on its website Atlas Copco planned to offer around $9.20 per share for Edwards, citing banking sources in the United States.

The offer would value the company at around $1 billion which would represent a premium of around 10 percent on Edwards’ closing price on Friday of $8.35. Sky said the offer was worth around a billion pounds.

Edwards, which was listed on Nasdaq last year at $8 per share, has a market value of around $942 million while Atlas Copco’s totals around $32 billion, according to Starmine data.

Investment bankers at Barclays and Lazard, who are advising Edwards, had recommended Edwards’ board to approve such a bid and a deal could be announced as early as next week, it said.

Atlas Copco declined to comment. Edwards group was not immediately available for comment.

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