16th Jul 2019 12:09
(Alliance News) - Science Group PLC said on Tuesday that it has purchased additional shares in Frontier Smart Technologies Group Ltd as it continues its pursuit of a hostile takeover of the audio technology firm.
Consulting firm Science Group now holds a 37.5% stake in Frontier and said it purchased the 377,807 additional shares at a price of 35p.
Shares in Frontier were down 2.8% at 35.00 pence each in London on Tuesday. Shares in Science Group were down 1.6% at 195.76p.
On Monday, Science Group had said it would not raise its initial takeover offer of 35p-per-share despite opposition from Frontier's board. It also advised all of Frontier's shareholders to either sell their shares to Science Group or trade them through the Panmure Gordon facility.
Frontier advised its shareholders to not relinquish their shares, either to Science Group or through Panmure Gordon, as the company hoped Science Group would raise its valuation to 37p-per-share.
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