27th Oct 2023 09:42
(Alliance News) - FireAngel Safety Technology Group PLC on Friday backed a GBP27.7 million takeover from fire safety products maker Siterwell Electronics Co Ltd.
Siterwell subsidiary Intelligent Safety Electronics will pay 7.40 pence per FireAngel share, markedly above the home safety products supplier's closing price of 2.10p on Thursday.
The value of the shares more than trebled to 6.57p on Friday morning in London.
The price per share is 47% above FireAngel's share price of 5.05p prior to a GBP6.1 million fundraise it undertook in June, and values Coventry-based FireAngel at GBP27.7 million.
FireAngel Chair Andrew Blazye said: "FireAngel has a longstanding relationship with ISE through Siterwell, initially as a valued manufacturing partner and more recently as a major shareholder, and the board is confident that it can provide a supportive environment for FireAngel's long term success."
FireAngel's directors, which together own just under 4.6% of the company, have backed the deal. Intelligent Safety Electronics already owns just over 17% of FireAngel shares.
Back in June, FireAngel put itself up for sale and announced a change in leadership. John Conoley stepped down as executive chair. Blazye and Neil Radley were named as non-executive chair and chief executive, respectively.
By Eric Cunha, Alliance News news editor
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