Smith Electric Vehicles U.S. Corp. said it has made a conditional offer to buy the Smith Electric Vehicles business based in the U.K. from Tanfield Group Plc (TAN.L). The offer is conditional upon successful financing by Smith U.S. and shareholder approvals on the part of Tanfield. The board of Tanfield has granted Smith U.S. a four month period of exclusivity.
In connection with the purchase of the Smith U.K. Division, the transaction includes the purchase of all of the Smith U.S. common stock currently held by Tanfield, as well as the License Agreement by and between Tanfield and Smith U.S., and the intellectual property necessary to allow the combined businesses to operate globally.
Separately, Tanfield said it has received a non-binding, conditional offer from Smith Electric Vehicles US Inc., or SEVUS, for the Company's Smith Electric Vehicle division.
In consideration of the sale of the Smith Electric Vehicle Division and associated assets, Tanfield would receive £37.0 million in cash and an additional £33.3 million contingent credit in SEVUS shares on an IPO of SEVUS prior to September 30th 2015 at the IPO price.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.