News blog
Harvard International
- BY: Andrew Hore |
- POSTED: 10/10/2011 |
Chinese consumer electronics business Chengdu Geeya Technology says that it has agreed in principle to bid 45p a share for consumer electronics products supplier Harvard International.
The news came out after trading finished so the shares were unchanged at 29p. The bid values Harvard at £23.1m. The bid needs Chinese regulatory approval and to be unanimously recommended by the Harvard board. It could take four months to gain regulatory approval. The Takeover Panel will be asked to extend the deadline for when Geeya has to make a firm bid.
Harvard owns the Goodmans brand and Geeya wants to use its expertise to sell its products outside of China.
Geeya has agreed to pay Harvard a break fee of £500,000 of the bid document is not posted before 30 March 2012.
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