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TC Electronic Acquires TGI/Tannoy

TGI has accepted a takeover offer worth close to £15 million. The Havant-based firm is being bought by Danish audio software firm TC Group, which wants 12/14/2001 7:00 AM Eastern

TGI has accepted a takeover offer worth close to £15 million. The Havant-based firm is being bought by Danish audio software firm TC Group, which wants to combine its technology with TGI's range of products.

TGI signalled earlier this year that it would listen to bids after being frustrated by its low share price.

TC is paying 68 pounds per share, a premium of 34% on TGI's closing price of 51 pounds yesterday, valuing the group at £14.8 million.

Michael Windsor, TGI chairman, says: "The board believes the offer represents a fair price for the business and enables shareholders to crystallise the value of their investment."

TC chief executive Anders Fauerskov says all jobs will be safeguarded and adds: "All units will continue to operate as individual companies."

Continue visiting mixonline as the news on this buyout emerge.