StockMarketWire.com - Consulting company Science Group said it had made a takeover bid for digital radio company Frontier Smart Technologies.

Science Group offered 35p per Frontier share, which it said represented a premium of about 138% to the company's closing share price on 17 May, when it first announced an approach.

Science Group already owned 28.3% of Frontier.

'Science Group encourages all Frontier shareholders to accept the offer, which it considers to be at an attractive premium, particularly in view of the financial situation and operating performance of Frontier as set out in the trading update made by Frontier on 9 May 2019,' the company said.

Frontier Smart Technologies said Monday's announcement by Science Group was the first time it had declared an intention to raise its previous 30p per share offer to Frontier.

Frontier Smart Technologies said it was continuing talks with another party, which it had described only as a 'credible industry player'.

'Discussions continue with this second party with a view to clarifying the proposed structure and pricing, conditionality and deliverability of the potential transaction, in line with the Frontier board's fiduciary duty to maximise value for shareholders,' it said.

'There can be no certainty that the second approach will result in a formal offer for the company, nor as to the terms of any such offer if made.'


At 9:19am:

[LON:FST] Frontier Smart Technologies Grp Ltd share price was +3p at 35.5p

[LON:SAG] Science Group share price was 0p at 199p



Story provided by StockMarketWire.com