US conglomerate United Technologies has bid $1 billion to buy British-based security group Chubb Plc.
The board of directors of Chubb, one of the world's largest security services companies, recommended that shareholders accept the offer, which amounts to 75p ($1.25) per share, according to a United Technologies press release.
United Technologies, which makes Otis elevators and Black Hawk helicopters, would also assume Chubb's debt, which was $934 million as of April.
Chubb's businesses include electronic hotel locks, security guards and burglar alarms.
The offer price is 13 per cent higher than Chubb's closing price of 66.25 pence on April 15th, the day before the company disclosed the start of talks.
The acquisition would give United Technologies a new business and reduce its exposure to the flat commercial aerospace industry.