Elektron seizes control of Hartest

30th Jul 2010 16:59

The board of instrumentation and medical equipment maker Hartest is mulling over a takeover offer from its majority shareholder, component distributor Elektron .Elektron has acquired a 29.95% stake in Hartest from Peter Gyllenhammar at a price of 90p per share which, together with its existing stake of around 23.2%, gives it control of around 53.1% of the share capital of the company and obliges it to make an offer to acquire the rest of Hartest's shares. Consequently, Elektron is offering Hartest shareholders the chance to sell their shares at 90p each.The offer values the entire issued share capital of Hartest at £7.7m. If Elektron receives acceptances under the offer which, together with its existing shareholding, would take its stake to 90% or above it intends to exercise its legal right to acquire compulsorily any remaining Hartest shares.With a controlling stake in the company Elektron proposed to appoint of majority of Elektron nominees to the Hartest board and to vote against any shareholder resolution proposed by Hartest's Board approving or authorising the payment of any dividend or other distribution to Hartest shareholders.Elektron intends to cancel Hartest's AIM quotation at the earlier opportunity. Hartest was the subject of a bid earlier this year from Delta Controls but the takeover attempt was opposed by Gyllenhammar, who said that the indicative offer, worth about 68.3p at the time, did not reflect the company's true value.