18th Sep 2019 12:28
(Alliance News) - APC Technology Group PLC has agreed a takeover, it said on Wednesday, valuing the company at almost GBP20 million.
Specialist Components Ltd made a 10 pence per share bid for APC, valuing at GBP18.3 million. This price is a 9.6% premium to the closing price of APC on Tuesday in London, with APC shares up 6.6% on Wednesday shortly after midday at 9.73p.
APC is provides design, specification, and distribution services for specialist electronics, lighting technologies, and connectivity products. Specialist Components is a vehicle set up by investment manager Harwood Capital LLP.
Harwood already owns 4.9% of APC.
APC Non-Executive Chair Tony Lochery said: "The offer provides all APC shareholders with the opportunity of a cash exit at an attractive premium to the company's prevailing share price and we believe the offer recognises the company's underlying value.
"Whilst the business has recently performed well on the public market, we firmly believe APC will be better placed to deliver on the next phase of its strategic objectives and the longer-term growth of its specialist electronics businesses in the private arena and, subject to shareholders approving the scheme, look forward to the company's ownership by Specialist Components and the opportunities that will present for all of our stakeholders."