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(Alliance News) - Braveheart Investment Group PLC on Wednesday said it has made a private all-share offer to Paraytec Ltd shareholders for the remaining stake it does not already hold.
Shares in Braveheart were up 4.4% at 11.75 pence in London in afternoon trading.
Braveheart already holds a 56% stake in Paraytec, developer of specialist detectors for used in analytical and life sciences instruments, and plans to issue 995,191 of new Braveheart shares - worth around GBP111,652.
Fund management and strategic investor Braveheart said shareholder accepting its offers must approve a drag-along right, agreeing that if over 75% of shareholders agree to Braveheart's offer then all other shareholders must sell their shares as well at the same price.
The offer remains open until September 30, before lapsing.