FireAngel Safety takeover by Intelligent Safety back on track
FireAngel Safety Technology Group PLC on Thursday said the timetable for its takeover by Intelligent Safety Electronics Pte Ltd is back in motion, follow UK government approval, with the offer closing at the end of June.
FireAngel is a Coventry-based manufacturer of smoke detectors, carbon monoxide detectors and other home safety devices.
Intelligent Safety Electronics is a holding company owned by Siterwell Electronics Co Ltd, which is a Zhejiang, China-based high-tech manufacturer focused on developing and manufacturing various types of sensor alarms and internet-enabled products.
In October last year, FireAngel received a takeover offer from Intelligent Safety Electronics, a subsidiary of Ningbo, China-based fire safety product maker Siterwell Electronics Co Ltd.
FireAngel shareholders will receive 7.40 pence per share in cash, valuing the entire company at around £27.7 million.
In December, the pair requested a suspension of the offer timetable, as they awaited regulatory clearance under the UK’s National Security & Investment Act 2021.
On Thursday, FireAngel and Intelligent Safety said they found the conditions set by UK government to allow the acquisition to progress to be reasonably acceptable, so this condition for the merger to complete is now satisfied, and the takeover timetable has resumed.
FireAngel shares were up 24% to 7.13 pence each on Thursday morning in London.
As of Wednesday, Intelligent Safety owned or had offer acceptances for 59% of FireAngel shares. The offer is open until June 27.
Copyright 2024 Alliance News Ltd. All Rights Reserved.