Edinburgh testing group agrees to takeover

Published: 21 April 2017

Exova, the Edinburgh-headquartered industrial materials testing business, has agreed to a £620 million takeover by rival Element Materials Technology.

The move comes weeks after Exova, which has 200 staff in Scotland, said it had received a trio of bid approaches, sending its shares soaring. Under the deal, Element – which is backed by private equity group Bridgepoint – will pay Exova investors 240p for each share they hold in the firm, while they will also be in line for a final dividend of 2.35p.

The overall cash value of 242.35p represents a premium of about 26 per cent on Exova’s average share price over the 12 months to 24 March.

Exova, led by chief executive Ian El-Mokadem, floated on the London Stock Exchange three years ago and employs about 4,200 people around the world. It counts the likes of aircraft group Embraer, train maker Hitachi Rail Europe and London Underground among its clients...

Full story via Scotsman News



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