(Alliance News) - Telit Communications PLC on Tuesday said cash offer from largest shareholder, Dbay Advisors Ltd, was increased to 229.5 pence in cash.
The move comes after Berry Street Capital Management LLP expressed disappointment at the Telit's recommendation of a cash offer "at a price that even the board recognises undervalues Telit and its longer-term prospects". Berry owns over 1% of Telit.
Telit is a London-based company that focuses on software for the 'internet of things'.
On May 25, Telit accepted a GBP306.9 million takeover offer from Isle of Man-based asset manager Dbay Advisors Ltd.
Dbay offered to pay 220p per share in cash for Telit. The offer was a 59% premium over Telit's share price on November 2, before the talks were first disclosed. The two firms finally agreed a price after months of negotiations. Dbay first offered 175p per share for Telit in October, before raising its bid to 210p per share on April 26.
On Tuesday, Telit welcomed the increased final cash offer of 229.5p, saying that it continues to believe that the acquisition is in the best interests of Telit shareholders.
Telit shares closed 0.2% higher in London on Tuesday at 228.50p each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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