Laboratory supplier Campbell Brothers (ASX:CPB) has mounted a takeover bid for lab testing services provider PearlStreet, offering $86.7 million for the Perth-based company.
The 56c per share offer represents a 79% premium on PearlStreet’s average trading price prior to the offer, Campbell Brothers said.
PearlStreet specialises in an analysis technique known as nondestructive testing (NDT), and is the largest supplier of such services in Australia.
“The acquisition of PearlStreet will provide Campbell Brothers with an excellent vehicle to grow its presence in the NDT market, and will complement our existing portfolio of testing businesses,” Campbell Brothers managing director Greg Kilmister said.
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