2nd Sep 2019 18:43
(Alliance News) - Frontier Smart Technologies on Monday said Science Group PLC hiked its holding in the company to 72% as it pursues a takeover of the firm.
On Friday, consultant company Science Group purchased 294,140 shares for 25.00 pence each.
Science Group said on Wednesday that it intends to pursue a merger in accordance with Cayman Islands law, where home technologies firm Frontier is incorporated.
Frontier said it is highly likely the takeover would be approved by shareholders at a general meeting, likely to occur in October or November, given the size of Science Group's stake in the company.
Frontier Smart shares were closed flat at 25.00p each and Science Group shares closed 0.2% lower at 185.10p apiece.