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U-blox Confirms No Intention To Make Offer For Telit Communications

Mon, 18th Jan 2021 17:21

(Alliance News) - u-blox Holding AG on Monday said it does not intend to make an offer for Telit Communications PLC.

At the end of November, Telit had received a 250 pence per share takeover offer from u-blox.

At the beginning of January, the London-based company that focuses on software for the 'internet of things' terminated all-share merger talks with u-blox, saying 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.

On Monday, u-blox confirmed that it does not intend to make an offer for Telit.

In mid-December, Telit's largest shareholder DBAY Advisors Ltd said it did not intend to make a firm offer for the firm after Telit rebuffed its initial approach of GBP1.948 per share.

Telit shares closed up 1.2% in London on Monday at 205.00 pence each.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

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