united-technologies-bids-for-chinese-fire-alarm-company

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 agreement to buy a 53.4% stake in GST held by GST International Management. That acquisition is conditional on UTFE gaining the acceptance of at least 90% of GSTÆs minority shareholders as the intention is...
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