Telit Communications PLC - London-based company that focuses on software for the 'internet of things' - Terminates all-share merger talks with u-blox Holding AG. Says that it believes that it would not now be possible to reach an agreement with u-blox on terms that would ensure value creation for its shareholders and that it does not consider that a "protracted period of uncertainty and distraction is in the best interests of Telit or any of its stakeholders." Notes it remains confident in its prospects and that it "can deliver growth in shareholder value as an independent entity." The Thalwil, Switzerland-based suitor had until January 18 to make a firm offer or walk away.
Current stock price: 185.40 pence, down 10% on Thursday
Year-to-date change: down 5.4%
By Zoe Wickens; zoewickens@alliancenews.com
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