12th Jul 2019 11:59
(Alliance News) - Advisory firm Science Group PLC said Friday it increased its stake in Frontier Smart Technologies Group Ltd to 36% as it continued to pursue a hostile takeover of the audio technology firm.
On Thursday, Science Group acquired a further 2.4 million shares in Frontier for 35 pence each worth a total GBP851,777. The buy takes its total stake to 14.6 million shares, of 36% of total outstanding shares in Frontier.
In mid-May, Science Group and Frontier Smart ended merger talks after failing to find agreement.
Following the failure of these earlier talks, Frontier Smart argued it had received a strategic investment proposal from a "credible industry player" which it preferred over the Science Group offer. This second bidder had initially been viewed as a potential takeover rival.
Since its initial May bid, Science Group has been steadily building its stake in Frontier Smart.
On Monday, Science Group emphasised its 35 pence per share takeover offer was the "only offer" available to Frontier and continued to encourage shareholders to take up the offer.
Shares in Frontier Smart were untraded in London on Friday, having last traded at 35.00 pence. Shares in Science Group were 1.5% higher at 202.00 pence.
Related Shares:
Science GroupFST.L