August 30, 2010 / 6:57 AM / 8 years ago

STOCKS NEWS EUROPE-Smartrac set to soar on takeover bid

Shares in Smartrac SM7.DE jump 17.3 percent in Frankfurt pre-market trading at 0639 GMT after buyout group One Equity Partners (OEP) says it launched an agreed public takeover bid for the TecDax-listed company.

The offer, at a price of 20.00 euros ($25.44) per share, corresponds to a 17 percent premium on Friday’s closing price and a 34 percent markup on the weighted average share price over the last three months, Smartrac says.

OEP will also exclusively fund a 10 percent capital increase at 17.5 euros per share at Smartrac, generating proceeds of around 25.9 million euros for the latter.

Reuters Messaging rm://ludwig.burger.reuters.com@reuters.net ($1=.7861 Euro)

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