Cambridge manufacturer of precision instruments and measurement and controls products Cambridge Electronic Industries Plc has made a final UKP23.6m offer for Tace Plc, a holding company that owns international operations in environmental monitoring. The environmental monitoring division is made up of US companies Andersen Instruments Inc, Sampling Technology Inc and Plastic Systems Inc. Tace also has a 51.1% stake in Goring Kerr, manufacturer of metal detection equipment for continual production processes in the food, pharmaceutical and timber processing industries. In 1990, Tace turned in pre-tax profits of UKP3.9m on sales of UKP36.6m. Tace has net liabilities of UKP2.1m, and results for the first six months of 1991 are, however, expected to be disappointing. Goring Kerr reported pre-tax profits of UKP2.8m for 1990, on sales of UKP15.1m. The company has assets of UKP4.3. Tace is recommending the offer, made by Baring Brothers & Co Ltd for Cambridge, to its shareholders. The offer values each Tace share at 241.9 pence and there is 220 pence cash alternative. Full acceptance of the offer will involve the issue of 12.2m new Cambridge shares, representing 20.6% of the company’s enlarged issued capital, assuming full acceptance of the Goring Kerr offer as well as the Tace offer – Cambridge is also bidding to acquire the remaining shares in Goring Kerr if the Tace offer is successful, offering 11 new shares for every 10 Goring.
