Shares in Latchways, the Devizes-based manufacturer of protection equipment for people working at height, soared by nearly 50% this morning after it announced it had received a £124m takeover offer.
The bid has been made by MSA UK Holdings, a subsidiary of US-based safety equipment manufacturer MSA Safety.
In a statement to the London Stock Exchange, Latchways said the deal would open up new lines of distribution for it that strengthen would its distribution network outside Europe and also boost product development. 
Latchways chairman Paul Hearson said: “MSA is offering our shareholders an attractive premium to the recent share price. Although the prospects for Latchways as an independent company remain strong as the company continues to execute its strategy of strengthening its routes to market, the board of Latchways also recognises the potential benefits to the business, including employees and all stakeholders from combining with the MSA Group.
“Latchways is a successful global fall protection business with a strong focus on innovation and as such represents a good cultural fit for MSA.”
Latchway's shares were up by 46.18% in early trading at £10.52.5.
More on this story follows later . . .
