18.10.2010

Tanfield dismisses bid

Tanfield, owner of Snorkel, which also incorporates UpRight has dismissed a bid from Liberty Electric cars as having no merit.

Liberty, a smaller company with no manufacturing facilities, is based in Oxford but is said to be developing electric cars in Cramlington, Northumberland. It issued a statement saying that would not be pursuing a takeover offer that it reportedly made for Tanfield.

The leveraged offer did not involve any cash but the company had apparently said that it would put a substantial part of a £500 million contract to build 10,000 electric bus motors for the Chinese government into Tanfield

A Tanfield statement this morning said: “We carefully consider with all proposals with our financial adviser that offer the prospect of value for Tanfield shareholders. After considering Liberty's indicative proposal the board of Tanfield saw no merit in pursuing it.”

“The board is pleased with the progress of its existing business strategy and continues to progress its existing negotiations with Smith Electric Vehicles (US) over the possible consolidation of its electric vehicle businesses.”