EQS-News u-blox AG: Update regarding Telit Communications PLC ('Telit')
EQS Group-News: u-blox AG / Key word(s): Corporate Action
Ad Hoc Press release
Update regarding Telit Communications PLC ("Telit")
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH
THIS DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE") AND ACCORDINGLY THERE CAN BE NO CERTAINTY THAT
ANY OFFER WILL BE MADE.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
For immediate release
Thalwil, Switzerland - 18 December 2020 - u-blox Holdings AG ("u-blox") (SIX:UBXN,OTC:UBLXF), a global leader in wireless and positioning technologies, refers to its proposal
regarding a possible offer for Telit, as previously announced by u-blox on 20 November 2020. u-blox was required, in accordance with Rule 2.6(a) of the Code, by 5.00 pm (London time) on 18 December
2020, to either announce a firm intention to make an offer for Telit in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer for Telit.
u-blox confirms today that following a request from the board of Telit to the UK Panel on Takeovers and Mergers (the "Panel"), the Panel has, under Rule 2.6(c) of the Code, approved an extension of the previous deadline to 5.00 pm (London time) on 18 January 2021 to enable the parties to continue their ongoing discussions. At that time, u-blox must either announce a firm intention to make an offer for Telit or announce that it does not intend to make an offer for Telit, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This new deadline can be further extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code.