GE offers to buy UK's Sondex for $582mn

The board of directors of UK-based Sondex plc, a leading supplier of downhole technology to the oil & gas industry, has received a $582 million acquisition offer from GE Energy.

GE Energy's cash offer is for 460 pence per share ($9.27) or pound 289 million ($582 million). The deal has to be voted on by Sondex shareholders.

"The acquisition of Sondex by GE Energy is an exciting more for our company and staff," Martin Perry, chief executive, Sondex said.

Sondex had reported 33% rise in revenue at pound 68.5 million for 2007, and adjusted dilited earnings per share of 18.4 pence on May 15.