Reuters scoops Stanley Black & Decker hiring banks for Niscayah bid

Reuters broke the news on June 15 that U.S. diversified industrial conglomerate Stanley Black & Decker Inc has hired bankers to weigh a bid for Swedish security firm Niscayah, mounting a potential challenge to a rival offer by Securitas AB. The news sent shares of Niscayah up as much as 5 percent the next day, when the overall market fell on economic concerns in Europe. Shares of Securitas AB fell more than 2 percent. The New York Times Dealbook picked up the story, which was also carried by all the Swedish news agencies including TT, Six, and Direkt. Niscayahs stock closed up 3.1 percent, outperforming the broader market index by more than 4 percent. Niscayahs market value rose to 11 percent above Securitas AB`s all-stock bid, from a premium of 5.7 percent the previous day.