The ownership battle over Leica Geosystems just got hotter: Hexagon AG recently upped its offer for the Swiss company to 573 Swiss francs per share. The sweetened offer was in response to a counter offer made by Danaher Corp., a U.S.-based manufacturer of professional instrumentation, industrial technologies, and tools and components. Danaher offered 500 Swiss francs cash —about $386—per share to shareholders, and Leica’s board of directors endorsed the deal on the basis that Danaher pledged to protect Leica’s independence and employees.

Hexagon had made an initial bid for Leica Geosystems in mid-June, offering 440 Swiss francs for each share. Leica’s board of directors rejected the deal and encouraged shareholders to hold onto their stocks, saying the offer undervalued the company. Hexagon’s new offer of 440 Swiss francs per share, plus five shares of Hexagon’s series B stock, represents 573 Swiss francs per share—a 31.4 percent increase over its prior offer and a 14.5 percent increase over Danaher’s offer. Hexagon reports it has scheduled a special shareholders meeting for Sept. 15 to further discuss the acquisition attempt. Leica had no comment on the new offer.

Leica Geosystems is a measuring solutions company with products and services used in more than 120 countries. Hexagon is a global technology group specialized in engineering, metrology and polymers.

For more information, visit www.danaher.com, www.leica-geosystems.com or www.hexagon.se.