Smith Electric Vehicles U.S. makes offer to buy British counterpart

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’s Smith Electric Vehicles UK assets, as well as the British company’s 49 percent share of Smith Electric U.S. and any intellectual property licenses necessary for global operation.