Science Group increases Frontier Smart stake to 43%
Science Group on Friday confirmed it had increased its stake in takeover target Frontier Smart Technologies to 43%.
The increased stake in the digital radio specialist comes after Science Group launched a 35p-a-share cash offer earlier this month, after having been in talks with Frontier over a possible bid at 30p a share back in May.
Frontier's board advised shareholders to not accept the offer as it was hoping for a valuation of 37p per share for the company, telling investors that it was in discussions with a separate "credible industry player" regarding a takeover.
Science Group said it purchased 696,233 Frontier shares from shareholders at 35p each giving it 39.9% of the voting share capital. Earlier this week the company received valid acceptances for a further 3.1% of the voting share capital.
Science Group's shares were up 0.95% at 200.90p and Frontier Smart Technology's shares were down 2.78% at 35.00p at 1347 BST.
(Editing by Frank Prenesti)