Shareholders back offer for CCTV business

CCTV specialist Coe Group is set to snapped up by counter-terrorism technology firm Digital Barriers after the bulk of its shareholders accepted a £3.3m offer.
By The Newsroom
Published 24th Aug 2010, 13:18 BST
Updated 24th Aug 2010, 13:18 BST

The expanding specialist security firm made the offer for Leeds-based Coe last month, which was recommended by Coe directors.

Yesterday, Coe said 93 per cent of its shareholders have backed the takeover, meaning Digital Barriers' acquisition is now compulsory.

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Coe's shares are expected to cease trading on AIM no earlier than September 21. The compulsory deal is expected to be completed on, or shortly after October 4.

The offer valued each Coe share at 9p, a 64 per cent premium to the closing price the day before the offer announcement.

Coe, which was established in 1989, began trading on AIM in 2003 and has focused on bringing innovative products to the CCTV market.

Digital Barriers started trading on AIM in March as a cash shell, aiming to buy specialist products, services businesses and assets. Digital Barriers hopes Coe will help it develop into a leading mid-market business in the homeland security firm.

Digital Barriers executive Tom Black said: "Coe fits well with our strategy to build a leading mid-market business in the homeland security space."

Related topics:CCTVTom BlackLeeds