Clipper says in a statement that the acquisition values its ordinary share capital at around £139.5m ($223m). UTC will pay £0.65 per share, a 31.3% premium over the closing mid-market price of the shares on 15 October, the last business day before the announcement.
UTC has agreements with Clipper chairman and founder James Dehlsen, Dehlsen Associates and the Dehlsen Family Trust and key institutional shareholders, it adds.
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