Sondex, the oil services group, has agreed what looks like a knock-out bid from a subsidiary of General Electric.
Shareholders will get 460p a share in cash, a 35 per cent premium to the price before last Friday's announcement that the group was in bid talks. The deal values the group at £263m.
GE has already secured acceptances from shareholders representing 44 per cent of Sondex's capital, including the directors. This being a scheme of arrangement, the transaction requires shareholders representing 75 per cent of the capital to approve it at an extraordinary meeting.
The detail of the announcement states that Sondex received offer approaches during the first half of the year and held an auction process to flush out the best offer. That, plus the fact that at 453p, the share price is just below the bid price, suggests a rival offer is unlikely.
