(Alliance News) - U-blox Holding AG on Friday said it has submitted a 250 pence per share takeover offer for Telit Communications PLC.
Shares in Telit closed 4.5% higher at 168.20p each on Thursday in London, giving it a market capitalisation of GBP223.8 million.
The Swiss-listed semiconductor manufacturer said while it has not yet received a reply from the London-based internet-of-things company, 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. Separately, earlier in November this year, Telit confirmed Dbay Advisors Ltd and Lantronix Inc made preliminary approaches for the firm.
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.
By Ife Taiwo; ifetaiwo@alliancenews.com
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