A subsidiary of Cooper Industries says that it is considering a rival bid of at least 78p a share for Mount Engineering.Cooper Safety hopes it can gain the agreement of Mount's board and shareholders for its bid. Any bid is subject to due diligence, which should be complete by the end of the week. Mount is currently recommending a 70p a share bid from AIM-quoted Redhall. If they withdraw their recommendation then Mount will have to pay the equivalent of 1% of the £16m bid to Redhall as an inducement fee. Redhall wants to increase its exposure to the oil and gas sector through the acquisition.