Fire Angel Safety Technology Group PLC (AIM:FA.), the manufacturer of home safety products, saw its shares bounce 13% higher after it confirmed it has moved onto the next step of being bought by Intelligent Safety Electronics (ISE).
A £28 million takeover bid from ISE for the smoke detector maker was made last year, but the process was paused while the Secretary of State approved the deal under the National Security and Investment Act 2021.
Last week, Fireangel confirmed the Secretary of State had approved the deal after the group met key conditions such as vetting key personnel and appointing a chief information security officer.
Now, the AIM-listed group have said the sales process has resumed, with further discussions between the two parties underway to meet the conditions of the offer.
Following the conclusion of the NSIA probe, Fireangel will now have until 27 June to accept the offer.
Shareholders have been encouraged to vote to approve the deal, with management having already welcomed the move.
Further announcements are expected to follow as the two companies move closer to securing the deal.
ISE’s offer of 7.4p per share valued the group at around £27.7 million.
Shares lifted to 6.5p today, representing more than a 209% jump compared to its market value prior to the offer.