Shares skyrocketed after receiving a high offer
Shares in British electronics and technology firm Laird jumped around 75 per cent today morning following news that the firm had agreed a £1.2bn takeover (including debt) by a US equity firm Advent International.
Advent managing director Shonnel Malani told media: “Laird is a high-quality business with significant engineering capabilities and an excellent reputation across its broad customer base. Laird enjoys market leading positions in a number of fast-growing segments, and by leveraging our sector expertise we look forward to working with management to further enhance its industry-leading position.”
Under the terms of the deal, Laird shareholders will reportedly be entitled to 200 pence in cash for each Laird share held, valuing its issued equity at around £1bn. The Laird directors consider the terms of the deal to be “fair and reasonable”, the company has said in a statement.
Laird chairman Martin Read said the firm had made “significant progress” last year after overcoming a number of “issues”, adding: “The Laird Directors are confident about their plans and Laird’s potential.”
Earlier today, Laird had reported an annual operating profit of £76.9m— up from £61.9m.