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20 Nov 2020 | 07:32

Telit considers u-blox takeover approach

(Sharecast News) - Telit Communications said it had received an all-share bid approach from Swiss rival u-blox valuing and was considering the proposal. U-blox's proposal would lead to Telit shareholders receiving u-blox shares with a value of £2.50 for each of their Telit shares. The deal would lead to Telit shareholders owning about 53% of the combined internet of things technology company.

Telit shares rose 4.5% to close at 168.20p on Thursday, valuing the company at £224m.

"The board of Telit is considering the proposal, together with its financial adviser, Rothschild & Co, and a further announcement will be made when appropriate," Telit said. "The proposal assumes any such merger would be structured as an offer for Telit by u-blox."

U-blox said talks were at an early stage and subject to due diligence but that its board believed a deal had "a strong strategic rationale and could result in substantial synergies for both organisations".

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