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Update To TC Group Buys TGI/Tannoy

TC Group, the Danish parent company of TC Electronic, TC Works and TC-Helicon, has today made an offer to the shareholders of TGI plc to purchase their 12/21/2001 7:00 AM Eastern

TC Group, the Danish parent company of TC Electronic, TC Works and TC-Helicon, has today made an offer to the shareholders of TGI plc to purchase their holdings in the company. TGI plc is listed on the London Stock Exchange.

TGI plc is a holding-company comprising four companies representing individual platforms on the speaker market, i.e., the highly respected Scottish speaker manufacturer, Tannoy, encompassing more than 75 years of experience, as well as Martin Audio, renown worldwide for their high-end P.A. speaker solutions. Also represented within the TGI plc Group is the Swedish company, Lab Gruppen, producing power supplies and high-end amplifiers, and GLL, producing speakers for the car industry.

"The purpose for wishing to merge with TGI plc is actually quite simple. It is a matter of creating synergy between the TC technology in digital audio processing and TGI's years of experience in developing, producing and marketing speakers. By combining digital technology from TC and the speakers developed and produced within the TGI plc Group, we will be able to develop and market new products that we believe will have a significant potential in the markets," said CEO at TC Group Anders Fauerskov.

"The ambition is to join the two companies to increase the individual strengths through cooperation, and benefit mutually from this," Anders Fauerskov concluded.