Telit Communications PLC - internet of things and machine-to-machine communications company headquartered in London - u-blox Holdings AG notes Telit requested and UK Panel on Takeovers & Mergers granted extension to Friday's deadline for u-blox to announce a firm intention to make a takeover offer for Telit or walk away. New deadline is January 18. "As previously stated, the board of u-blox believes that a combination of the two companies has a strong strategic rationale and could result in substantial synergies," the Thalwil, Switzerland-based company says. "u-blox remains committed to making every effort to progress toward a possible offer for Telit in the interests of shareholders. However, there can be no certainty that a firm offer will be made."
Current Telit stock price: 189.28 pence, up 2.3% Friday
Year-to-date change: up 20%
By Tom Waite; thomaslwaite@alliancenews.com
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