United Technologies bids for Chinese fire alarm company
The diversified technology company offers to pay $247 million to gain control of its China affiliate as the global fire and security business continues to deliver stellar results.
United Technologies Far East UTFE has made a voluntary general offer for all the outstanding shares and options of GST Holdings, ChinaÆs largest producer of fire alarms, at a price which ascribes an equity value of HK$2.7 billion $350 million to the company. At an offer price of HK$3.38 per share, UTFE will pay HK$1.93 billion $247 million for the 71% of GST it does not already own.
As part of the takeover, UTFE has entered an...
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