EQS-News u-blox AG: STATEMENT REGARDING TELIT COMMUNICATIONS PLC ('Telit')
EQS Group-News: u-blox AG / Key word(s): Corporate Action
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 CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.
THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.8 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE")
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
For immediate release
STATEMENT REGARDING TELIT COMMUNICATIONS PLC ("Telit")
No intention to make an offer for Telit
Thalwil, Switzerland - 18 January 2021 - u-blox Holding AG ("u-blox") (SIX:UBXN,OTC:UBLXF) refers to the statement made on 20 November 2020 regarding a possible offer for Telit, the statement made on 18 December 2020 regarding extension of the deadline to make such an offer, and the statement made on 7 January 2021 announcing termination of discussions regarding a possible combination between the parties.
In accordance with Rule 2.6(a) of the Code, u-blox is required, by no later than 18 January 2021, to either announce a firm intention to make an offer for Telit or announce that it does not intend to make an offer.
u-blox confirms that it does not intend to make an offer for Telit.
As a result of this announcement, u-blox is bound by the restrictions under Rule 2.8 of the Code. Pursuant to Rule 2.8 of the Code, u-blox reserves the right to set aside the restrictions in Rule 2.8 in the following circumstances:
(i) with the agreement of the board of Telit;
(ii) if a third party announces a firm intention to make an offer for Telit;
(iii) if Telit announces a "whitewash" proposal (see Note 1 of the Notes on Dispensations from Rule 9) or a reverse takeover (as defined in the Code); and
(iv) if there has been a material change of circumstances (as determined by the Panel on Takeovers and Mergers).