TC ELECTRONIC ACQUIRES TGI/TANNOY - Mixonline

TC ELECTRONIC ACQUIRES TGI/TANNOY

TGI has accepted a takeover offer worth close to 15 million. The UK-based firm is being bought by Danish audio software firm TC Group, which wants to
Author:
Publish date:

TGI has accepted a takeover offer worth close to £15 million. The UK-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 signaled earlier this year that it would listen to bids after being frustrated by its low share price, according to a TGI spokesperson.

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

Michael Windsor, TGI chairman, said: “The board believes the offer represents a fair price for the business and enables shareholders to crystalize the value of their investment.”

TC chief executive Anders Fauerskov said all jobs will be safeguarded and added: “All units will continue to operate as individual companies.”

Visit www.tcelectronic.com for more.

Send your “Current” news to Sarah Benzuly atsbenzuly@primediabusiness.com.