Telit Communications, global IoT enablement company, announced that DBAY Advisers is considering a possible offer of GBP 1.90 per share for the company.
Telit also confirmed that DBAY Advisers has purchased 471,516 shares in Telit, with the highest paid price of GB 1.948 per share. Under Takeover Code rules, any offer for Telit would need to be at or above this price. The Telit Board believe that a GBP 1.948 per share offer would undervalue the company.
Telit has also received a takeover offer from Swiss company u-blox, valuing the company at GBP 2.50 per share. The Telit board believe that a combination with u-blox would create best value for shareholders of both businesses. Telit is continuing negotiations with both u-box and DBAY, with no certainty that a firm offer will be made by either company.
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