SERVOMEX, the Sussex-based industrial instrument-maker, is to be taken over by Fairey Group, the electrical and electronics company based in Surrey.

The board of Servomex is recommending acceptance of a 185p per share offer to its shareholders.

The offer price is 57 per cent higher than the closing stock market price of 117.5p per share on April 7, the last dealing day prior to the announcement that Servomex was intake-over discussions.

This values the Crowborough-based company at £19.1 million.

Servomex is a leading exporter of instruments for the measurement of gases in industrial applications. It has a cable fault detection division in Cheshunt and a water monitoring and measuring division in Manchester.

The company exports 78 per cent of its output. Job losses at Crowborough, where 230 people are employed, are expected to be minimal, affecting mainly senior management.

Fairey has received undertakings to accept the offer from the directors of Servomex.

Terry Clements, chairman of Servomex, said: "The offer from Fairey represents fair value for Servomex's shareholders and provides an attractive opportunity for Servomex to benefit from becoming part of a large complementary group.

"Given the difficulty of raising equity for acquisitions in the small company sector and the investment requirements of the global instrumentation and test equipment markets, the board of Servomex believes that the resources of a larger group will enable Servomex to realise its full potential."

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