Med-tech firm Belluscura PLC (AIM:BELL) said it has agreed to pay a revised all-paper £5.57 million for investment firm TMT Acquisition PLC (LSE:TMTA).
The deal values TMT shares at 20.25p, or a 19% premium to Tuesday’s close. Initially, the offer was 21.82p a share, or £6 million.
Belluscura, which specialises in oxygen enrichment technology, said the transaction remains subject to confirmatory due diligence.
As of 30 September, TMT was sitting on cash of around £4.7 million. Those funds should see Belluscura through to break even by the middle of next year.