Morse agrees £70m takeover

Morse yesterday said privately-held 2e2 agreed to buy the IT services and technology firm for about £69.8m in cash to expand its operations in the UK and Europe.

The provider of networking, security, application and managed services’ acquisition of rival Morse, which also provides management consultancy, would immediately add to earnings, 2e2’s chief executive Terry Burt said.

The offer at 51p a share represents a premium of 23.6 per cent to the closing share price on 22 April.