Philips to take over Electrical Geodesics for GDP29m

AIM listed Electrical Geodesics, a leading neurodiagnostic medical technology company, has agreed to be acquired by elecronics giant Philips.

Philips will buy all of EGI's shares for £29m in cash, with the AIM group's board of directors "unanimously" approving the deal.

However, the acquisition depends on shareholder agreement at a meeting to be held on 17 July.

The agreement entitles shareholders to receive £1.054 in pounds at a fixed price for each share in company stock and could end the agreement with a termination fee.

EGI noted the £29m free represented a premium of approximately 36% to the closing price of 77.5p on 20 June 2017.