Wavecom rejects Gemalto's 'opportunistically timed' offer

By Lisa Kerner

Charlotte, N.C., Oct. 31 - Wavecom SA's board of directors determined that Gemalto SA's offer for the company is not in the best interest of Wavecom or its shareholders.

The board recommends that Wavecom securityholders not tender any of their securities to Gemalto.

"Our board, after careful review, has unanimously concluded that Gemalto's offer provides insufficient value, disadvantages our shareholders, and is opportunistically timed given the unprecedented financial turmoil around the world, which has had a particularly negative impact on Wavecom and other companies of our size," Anthony Maher, independent director and chairman of Wavecom's mergers-and-acquisitions subcommittee, said in a statement.

It was previously reported that Gemalto modified the terms of its offer for Wavecom, valuing each Wavecom Oceane at €31.30 plus accrued interest.

The offer for Wavecom shares is unchanged at €7.00 per share.

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

Gemalto provides digital security solutions and is based in Meudon, France. It is a subsidiary of Gemalto NV, an Amsterdam-based provider of microprocessor personal devices.

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