Electrical Geodesics board tells shareholders to approve £29m Philips merger

Neurodiagnostic medical technology company Electrical Geodesics (EGI) announced on Thursday that it had reached an agreement on the terms of a recommended acquisition under which Philips will acquire all of the outstanding shares of EGI for an aggregate consideration of £29m in cash, pursuant to the terms of an agreement and plan of merger entered into on 21 June between EGI, Philips, Merger Sub and others.

The AIM-traded firm described Philips as a “leading health technology company” focused on improving people's health and enabling better outcomes across the health continuum from healthy living and prevention, to diagnosis, treatment and home care.

Philips was considered an industry leader in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care, the board explained.

“The EGI board of directors unanimously approved the merger agreement and has recommended that the stockholders vote in favour of adoption of the merger agreement,” the directors said in a statement.

“This transaction will require the approval of stockholders at a special meeting of the company to be held on 17 July.”