U.S. private equity firm Advent International has agreed to buy British electronics and technology business Laird (LRD.L), the firms said on Thursday, valuing it at around 1.2 billion pounds ($1.65 billion) including debt.

Laird shareholders will be entitled to 200 pence in cash for each Laird share held, valuing its issued equity at around 1 billion pounds, compared to the closing price per Laird share of 115.9 pence on Feb. 28. This represents a premium of 72.6 percent, compared to 30-50 percent – a typical takeover premium according to a banker on the deal.

Shares were up slightly above 200 pence in morning trade indicating that traders think there will likely be another bidder who will offer more for the firm.

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