Lloyds British Testing, the West Midlands-based inspections, maintenance and certification group, has accepted a £3.8 million takeover bid.
The company, which employs around 250 people at its Four Oaks HQ , has agreed an offer valued at 12p per share in cash from Newco, a company representing Lloyds British chief executive Ian White.
In a statement, Newco said the offer values LBT at £3.8 million.
The other directors of Newco are Hayden Davis and and Trevor Dale. The Newco directors already own 20.68 per cent of LBT
Newco said it received undertaking to accept the offer from 59.19 per cent LBT shareholders.
Mr White, chief executive of Newco, said: "We believe that the offer will deliver immediate value to the Lloyds British Testing shareholders."
He said it would "remove the financial and regulatory burden of being a listed company" and looking forward, it was the intention of Newco to "continue to develop the Lloyds British Testing business by providing continuity to the group's existing relationships with its clients, customers and employees."
Frank Lewis, chairman of LBT, said the size of the company's operations were relatively modest for an engineering company trading on AIM and the company now really needed to grow its business to increase shareholder value. ..SUPL: