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Electrical Geodescis agrees £29mln merger with Philips

09:06 EDT 22 Jun 2017 | Proactive Investors

US-based medical device group Electrical Geodesics plc (LON:EGI) has agreed to a takeover by Dutch health technology company, Koninklijke Philips, for £29mln. Amsterdam-based Philips has offered 105.4p in cash for each Electrical Geodesics share held, a 36% premium to its closing share price of 77.5p in London yesterday. Electrical Geodescis said its board of directors unanimously approved the merger and recommended all shareholders vote in favour of the deal at a meeting on 17 July. The deal is expected to close in the third quarter of this year. Following approval of the merger, Electrical Geodescis will apply to the London Stock Exchange for the cancellation of its shares on AIM. The de-listing will need 75% approval of shareholder votes.  A core product of Electrical Geodesics is its EEG platform technology, which measures electrical activity in the brain using electrodes placed on the scalp. Philips provides diagnostic imaging, image-guided therapy, patient monitoring and health informatics. Shares in Electrical Geodesics rose 30.97% to 101.50p in afternoon trading. 

Original Article: Electrical Geodescis agrees £29mln merger with Philips

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