Latchways Surges As It Agrees GBP124 Million Acquisition By MSA Safety

LONDON (Alliance News) - Latchways PLC shares surged higher on Tuesday morning after the company said it has agreed to be acquired by US-based MSA Safety Inc for GBP124.0 million.

Latchways, which makes safety devices that prevent construction workers from falling, said it will get 1,100.00 pence per share under the terms of the deal, a 53% premium to its closing price on Friday.

"MSA is offering our shareholders an attractive premium to the recent share price. Although the prospects for Latchways as an independent company remain strong as the company continues to execute its strategy of strengthening its routes to market, the board of Latchways also recognises the potential benefits to the business, including employees and all stakeholders from combining with the MSA Group," said Latchways Chairman Paul Hearson.

Latchways shares were up 46% on the news to 1,050.5 pence, the London market's best performer.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

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