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.
December 03, 2008
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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