EQS-News

u-blox AG: STATEMENT REGARDING TELIT COMMUNICATIONS PLC ('Telit')

EQS Group-News: u-blox AG / Key word(s): Corporate Action u-blox AG: STATEMENT REGARDING TELIT COMMUNICATIONS PLC ('Telit') 07.01.2021 / 21:00 Ad Hoc Press release

 

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 JURISDICTION. THIS ANNOUNCEMENT DOES NOT CONSTITUTE A TAKEOVER OFFER OR AN OFFER OF SECURITIES. NO OFFER OR SALE OF SECURITIES MAY OCCUR IN THE UNITED STATES UNLESS THE TRANSACTION HAS BEEN REGISTERED UNDER THE US SECURITIES ACT OF 1933 OR IS EXEMPT FROM REGISTRATION THEREUNDER.
 

THIS ANNOUNCEMENT IS NOT 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 THERE CAN BE NO CERTAINTY THAT A FIRM OFFER WILL BE MADE.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
 

For immediate release
 

STATEMENT REGARDING TELIT COMMUNICATIONS PLC ("Telit")
 

Thalwil, Switzerland - 7 January 2021 - u-blox Holding AG ("u-blox") (SIX:UBXN,OTC:UBLXF) notes Telit's announcement on 7 January 2021 and confirms that it has received a letter from Telit, terminating discussions regarding a possible combination between the parties.
 

u-blox believes that a combination of the two entities has strong strategic rationale and could result in substantial synergies, to the benefit of both sets of shareholders, through the combined product offering, and scale benefits in areas including innovation, sales and global distribution channels.
 

As announced on 20 November 2020, u-blox had proposed a possible all-share combination with an offer price of £2.50 per Telit share. u-blox believes that this price is a compelling proposition for Telit's shareholders. u-blox remains open to discussing with the Board of Telit the strategic benefits of a combination between the two companies.
 

Pursuant to Rule 2.5 of the Code, the terms of any possible offer by u-blox for Telit remain subject to the express reservations set out in u-blox's announcement dated 20 November 2020. There can be no certainty that any transaction will ultimately be forthcoming. In accordance with Rule 2.6(a) of the Code, u-blox is required, by no later than 5.00 pm (London time) on 18 January 2021, 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, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can be extended with the consent of the Panel on Takeovers and Mergers, on Telit's request, in accordance with Rule 2.6(c) of the Code.