Glen Dimplex subsidiary Precis has agreed to buy British New World cooker maker Stoves Group for Stg £11.9 million. The offer is worth 45 pence per Stoves share, a 27% premium to yesterday's close at 35.5 pence.
"Within the Glen Dimplex Group, Stoves will be better equipped to weather the competitive challenges of the current market and those that lie ahead", Stoves Chairman Sean O'Connor said.
Glen Dimplex, which is headquartered in Ireland, makes electrical products for domestic and commercial use in Europe and North America.
