Chloride rejects bid approach

LONDON, May 12 (Reuters) - Britain's Chloride Group Plc, whose products protect against power shortages, said on Monday it had rejected a bid approach which it said materially undervalued the company.

Chloride said it had received a preliminary approach over a possible cash offer at 255 pence a share, which would value the company at around 657 million pounds ($1.28 billion). (Reporting by Mike Elliott; Editing by Mark Potter)