Smith Electric Vehicles US Corporation remains locked in talks to buy the entire Smith Electric Vehicles operation out of parent company Tanfield Group Plc.
Tanfield owns 100% of Smith Electric Vehicles UK and 49% of Smith US, which builds the Smith Newton electric truck under license in North America. In March, Smith US made a conditional offer to buy Tanfield’s 49% stake, the license agreement and the Smith UK business.
Tanfield has granted Smith US a 60-day extension to its exclusivity period, which gives Smith US until September to table a formal offer.
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