Telit Communications PLC - internet of things and machine to machine communications company - Confirms Dbay Advisors Ltd is considering an offer at GBP1.90 per share, up from its previous offer of GBP1.75 per share. Dbay, on Friday, acquires 471,516 shares at GBP1.948 - which means any potential offer must be at this price or higher. Dbay is currently the largest shareholder in Telit and holds 20.4 million shares in Telit, representing a 15% shareholding in Telit.
Telit has also received an offer from U-blox Holding AG, priced at 250 pence per share.
"As a significant shareholder in Telit, Dbay has considered the alternative proposal from u-blox Holding AG, regarding a possible all-share merger, whereby Telit shareholders would receive u-blox shares with uncertain value. Dbay does not believe the u-blox proposal is compelling and does not intend to accept the proposed all-share proposal should such an offer be made by u blox," Dbay adds.
Earlier in November, Telit rejected an offer from Lantronix.
Current stock price: 201.00 pence
Year-to-date change: up 28%
By Paul McGowan; paulmcgowan@alliancenews.com
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