Wednesday, March 10, 2010, 9:44am PST | Modified: March 10, 2010, 9:44 AM

Smith Electric Vehicles U.S. offers to buy British counterpart (Kansas City)

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Smith Electric Vehicles U.S. Corp. has offered to buy its British partner for 37 million pounds ($55.2 million) in cash and a piece of any future public offering.

The Kansas City-based company said Wednesday that it had made the non-binding conditional offer to buy Tanfield Group PLC’sSmith Electric Vehicles UKassets, as well as the British company’s 49 percent share of Smith Electric U.S. and any intellectual property licenses necessary for global operation.

Besides the cash, Tanfield would receive an additional 33.3 million pounds ($49.7 million) in shares of Smith Electric U.S. if the company goes public before Sept. 30, 2015.

Read the full post in the Kansas City Business Journal.