17th Jul 2019 13:41
(Alliance News) - Science Group PLC said on Wednesday that it has purchased further shares in Frontier Technologies Group Ltd as it continues to pursue a hostile takeover of the audio technology firm.
Consulting firm Science Group said that it now has a 40.8% stake in the company, or 16.6 million shares, after its latest purchase of 1.3 million shares on Tuesday.
Science Group said its 35p-per-share offer for the rest of Frontier's shares will remain open for acceptances until Friday afternoon.
Frontier's board advised its shareholders to not accept Science Group's offer as it was hoping for a valuation of 37p-per-share for the company.
Shares in Frontier rose 5.6% at 38.00 pence each on Wednesday afternoon.
Shares in Science Group were down 1.6% at 195.80 pence each in London on Wednesday afternoon.
In Wednesday's announcement Science Group noted the 35 pence offer for each share is a premium of 137% to the closing mid-market share price of Frontier on May 17, three days before Science Group first announced it was interested in pursuing a takeover.
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