STC Plc is to acquire electrical parts and components distributor Whitworth Plc for shares worth UKP5m – and has irrevocable acceptances for 51.9% of the equity. Terms are three STC shares for every four Whitworth, valuing the firm at 130.5 pence against a price in the market before the bid of 92 pence. There is a cash alternative of 127.5 pence a share. In the year to March, Whitworth made a pre-tax loss of UKP423,000. Assets per share are 107.6 pence.
STC TO PAY UKP5m FOR WHITWORTH PLC
