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Tanfield Receive Bid for Smiths Electric Vehicles
Tanfield Group has received a non-binding, conditional offer from Smith Electric Vehicles US (Smith US) to acquire the assets of Smith Electric Vehicle division for 37 million pounds ($55.37 million) in cash.This includes the Smith Electric Vehicles UK business, as well as the 49% Tanfield owns in Smiths US, and licensing and intellectual property rights.
The board of Tanfield has granted Smith US a four month period of exclusivity.
Tanfield said it would also be entitled to an additional 33.3 million pounds contingent credit in any initial public offering of Smith Electric before September 2015.
In the UK Smith Electric Vehicles already supply such prestigious customers as Sainsbury’s, TNT, DHL, TK Maxx and Scottish & Southern Energy, fulfilling these organizations urban transport requirements and proclaiming their green credentials.
Smith US, headquartered in Kansas City, Missouri, is a privately held company owned by private investors, senior management and Tanfield. Tanfield is the parent company of the Smith U.K. Division, a leading manufacturer of zero-emissions battery-electric commercial vehicles in Europe since the 1920s.
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