Smith Electric Vehicles U.S. gets more time to buy UK partner
Kansas City Business Journal - by David Twiddy Staff Writer
Smith Electric Vehicles U.S. Corp. has received an additional 60 days to finalize the proposed purchase of its British partner.
Tanfield Group PLC, the parent of Smith Electric Vehicles UK, said Friday that it had extended the exclusivity period for the deal and that it “remains in active discussions with (SEV U.S.) over various options aimed at (optimizing) shareholder value for its electric vehicle interests.”
In March, Smith Electric Vehicles U.S. made a nonbinding offer to buy out its partner, which owns a 49 percent share of SEV U.S., for 37 million pounds ($55.8 million) in cash and a piece of any future public offering.
The previous deadline was due to expire Saturday.
In its announcement, Tanfield noted President Obama’s visit Thursday to the Smith Electric Vehicles U.S. plant in Kansas City, which has received $32 million in federal grants.
“The company continues to see strong interest in the electric vehicle concept within the USA, with recent events and developments there further highlighting the demand for these products and a company in this business sector,” Tanfield said.
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