US takeover bid for North East company Tanfield

Mar 10 2010 By Karen Dent, The Journal

NORTH East stock market-listed company Tanfield has been approached by its American partner with an offer to buy its electric car division for £37m.

Tanfield, run by well-known entrepreneur Roy Stanley, owns Smith Electric Vehicle in the UK and is based in Washington.

Its US division Smith Electric Vehicle US (SEVUS) is 51% owned by its American partners and 49% by Tanfield.

Tanfield announced today that it has received an offer from its US partners to buy both the US and UK division, Its shares rose by 44% in early trading today to 40p. The £37m offer is equivalent to 50p per Tanfield share.