25 May 2012

Harvard closes in on bid

11/10/2011 Miles Nolan

Goodmans electronics distributor Harvard International (HAR) has agreed in principle to a 45p a share cash offer from China based Geeya Technology.

The offer, if completed, would value Harvard at £23.1 million and represent a premium of 100 per cent to the last closing price prior to revealing it was in talks. Harvard is the UK's leading supplier of set-top boxes to the retail market, however Geeya has no previous retail experience so sees the deal as a good commercial fit. Listed in China, the intention is to fund the deal from its own cash resources and bank facilities.

In addition, Harvard markets a range of accessories for Apple's iPod, iPhone and iPad products - as well as sourcing a number of own label products. For the deal to go ahead there are a number of pre-conditions, which include: approval for the offer by the China Securities Regulatory Commission, approval for the remittance of foreign exchange out of China and the receipt of irrevocable commitments from the directors of Harvard.

Harvard reported sales of £61.2 million and pre-tax profits of £900,000 in the year to March 2011. The board are supportive of this 'possible offer', but if it fails there is a break-fee of £500,000 which should provide a useful cushion. Discussions have been ongoing since May, however the 31 per cent hike in the price to 38.5p this morning would suggest the market believes the deal should not be too far away.

Tags: AIM market, Bridget Blow, China, Geeya Technology

Sector: Leisure Goods

Companies: Harvard International

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