Wavecom mulls hostile takeover bid by Gemalto

By Susanna Moon

Chicago, Oct. 7 - Wavecom SA said Gemalto NV filed an unsolicited offer for control of Wavecom.

Wavecom said it considers the action a hostile offer as it was neither encouraged, endorsed nor discussed, contrary to press accounts.

In addition, management believes the €7-per-share price offered does not reflect the intrinsic value and prospects of Wavecom, the company said.

"Accepting this unsolicited offer does not seem the best approach to preserve the interests of Wavecom, its shareholders and its employees," Anthony Maher, independent board member and chairman of the mergers and acquisitions subcommittee, said in a press release.

Wavecom's board of directors will meet shortly to consider the terms and conditions of the offer.

Wavecom is an Issy-Les-Moulineaux, France-based wireless communications provider.

Gemalto is a company based in Amsterdam that provides microprocessor personal devices. It made the offer for Wavecom through subsidiary Gemalto SA, which provides digital security solutions and is based in Meudon, France.

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