Telit Communications PLC - internet of things and machine to machine communications company - Notes deadline for Dbay Advisors Ltd takeover offer extended to December 18 from December 1. Commercial discussions are ongoing with Dbay, Telit adds. Also confirms discussions with Lantronix have been terminated.
Earlier in November the Lantronix proposal was considered by the board of Telit, together with its financial adviser, Rothschild & Co, and rejected. However, at the time, Telit said it remained in discussions with Lantronix to explore a possible transaction which could be in shareholders' interests, adding that the consideration for any offer, if made, was likely to be Lantronix shares.
Telit has also received an offer from U-blox Holding AG, priced at 250 pence per share.
In mid-November, the Swiss-listed semiconductor manufacturer said it believes a combination of the two companies has a "strong strategic rationale and could result in substantial synergies for both organisations".
Back in 2018, the Sunday Times reported that U-blox was considering a GBP150.0 million offer for Telit's automotive business.
Current stock price: 201.00 pence
Year-to-date change: up 26%
By Paul McGowan; paulmcgowan@alliancenews.com
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