Ferranti Plc has made an agreed bid for DBE Technology Plc that values the USM-listed military sonar company at UKP3.1m. Ferranti, which already owns 9% of DBE, is offering 275 new shares for every 1,000 DBE shares held. For the year to March 31, DBE broke even on turnover of UKP4.8m. Ferranti says the acquisition will provide it with complementary technology. Its shares were up a penny on the news to 121p but DBE’s were down eightpence at 35p – but the bid is worth only 33 pence a share anyway.
FERRANTI IN UKP3m AGREED BID FOR DBE TECH
