FireAngel Safety Technology has reached an agreement to be acquired by Siterwell Electronics Co. in an all-cash takeover deal worth £27.7 million ($33.6 million). Under the offer, shareholders will receive 7.4 pence in cash for each FireAngel share, which represents a significant premium compared to the closing share price of 2.1 pence on Thursday.
Opportunity for Shareholders
In light of the ongoing trading challenges faced by FireAngel Safety Technology, Chairman Andrew Blazye believes that the offer from Siterwell Electronics Co. presents an opportunity for shareholders to realize a return in cash at a substantial premium to the current share price. The board unanimously recommends the deal and pledges their 4.55% combined shareholding in support of the offer.
Exploring Strategic Options
FireAngel Safety Technology initiated a strategic review in June to explore various options to maximize value for shareholders. As part of this review, the company engaged in discussions with several parties regarding a potential acquisition of all or part of the group. These discussions ultimately led to the offer from Siterwell Electronics Co.