A week after Leica Geosystems rejected its surprise acquisition offer, Hexagon Metrology has mounted an effort to buy all outstanding shares of the Swiss metrology company. Hexagon has offered Leica shareholders 440 Swiss Francs per share of Leica stock—a 21.23 percent premium. In response, Leica has emphasized its intention to remain independent, and announced its acquisition of Terramatics Inc. and increased sales growth targets of 10 percent through fiscal year 2009.

Calling its offer “a step backwards” that would take it “back to the ’80s and an old strategy abandoned years ago after many bad experiences,” Leica Geosystems rejected Hexagon’s cash offer in late June.

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