AMERICAN ENGINEERING group Applied Power yesterday made an pounds 207m agreed takeover bid for Rubicon, the British computer box and electronic equipment manufacturer. The 235p per share bid follows Applied's successful pounds 115m takeover of Vero Group, a British electronic components group in May.

Rubicon shares jumped 65p to close at 225p yesterday , on news of the bid. Applied's chairman, Richard Sim, said that the acquisition of Rubicon will transform Applied into a leading global manufacturer of casings and enclosures for electronic systems.