12th Jul 2019 15:35
(Alliance News) - Frontier Smart Technologies Group Ltd said on Friday it has agreed verbally that Science Group PLC would up its offer price.
Science Group has agreed to increase its takeover offer to 37 pence, from 35p previously, on the condition that Frontier Smart agrees to recommend the improved offer.
The increased offer agreement comes following "an exchange of email correspondence and a series of conversations" which resulted in Science Group on Wednesday verbally agreeing to the 37p-per-share offer.
"Detailed discussions have continued since the meeting of 10 July and while there are certain mechanical and procedural items to be agreed, the board of Frontier considers that all key commercial terms in relation to the Improved Offer are agreed," said Frontier.
Accordingly, the board stands ready to recommend the improved offer and "invites the board of Science Group to confirm that it intends to honour the verbal agreement".
In the meantime, Frontier said it strongly recommends shareholders do not accept the existing 35p-per-share offer until Science Group confirms it position.
Earlier on Friday, Science Group said it increased its stake in Frontier to 36% as it continued to pursue a hostile takeover of the audio technology firm.
Shares in Science Group were up 2.0% at 203.00p in London on Friday, while Frontier was untraded at 35.00p.
Related Shares:
Science GroupFST.L