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Telit Communications rejects Lantronix offer but still in talks
3rd Nov 2020 10:46
(Sharecast News) - Telit Communications said on Tuesday that it had received a preliminary takeover approach from asset manager DBAY Advisors and a preliminary approach from California-based Lantronix.
Responding to recent media speculation, the Internet of Things enabler said it had considered the offer from Lantronix with its financial adviser, Rothschild & Co, and decided to reject it. However, it remains in talks with Lantronix "to explore a possible transaction which could be in shareholders' interests".
Telit said that the consideration for any offer, if made, is likely to be Lantronix shares.
"There can be no certainty that an offer will be made by either party nor as to the terms of any offer, if made," it said, adding that a further announcement will be made when appropriate.
Lantronix is a global provider of engineering services, hardware, and software solutions for Edge Computing, the Internet of Things and Out-of-Band Management (OOBM).
At 1320 GMT, Telit shares were up 8.9% at 151p.
Responding to recent media speculation, the Internet of Things enabler said it had considered the offer from Lantronix with its financial adviser, Rothschild & Co, and decided to reject it. However, it remains in talks with Lantronix "to explore a possible transaction which could be in shareholders' interests".
Telit said that the consideration for any offer, if made, is likely to be Lantronix shares.
"There can be no certainty that an offer will be made by either party nor as to the terms of any offer, if made," it said, adding that a further announcement will be made when appropriate.
Lantronix is a global provider of engineering services, hardware, and software solutions for Edge Computing, the Internet of Things and Out-of-Band Management (OOBM).
At 1320 GMT, Telit shares were up 8.9% at 151p.