Wavecom to hold extraordinary meeting of shareholders on Dec. 8

By Lisa Kerner

Charlotte, N.C., Nov. 21 - Wavecom SA announced it will hold a combined ordinary and extraordinary general meeting of its shareholders on Dec. 8.

Shareholders will be asked to approve a special and immediate cash distribution of €1.00 per share not subject to any conditions, according to a Wavecom news release.

Wavecom said it is seeking shareholder support for the distribution in light of Gemalto SA's unsolicited offer that is expected to expire on Dec. 15.

Shareholders will also be asked to support additional resolutions that Wavecom said will provide the company's board of directors with "enhanced flexibility to create greater value for Wavecom's shareholders and employees than that proposed by Gemalto's unsolicited offer."

Wavecom also announced that the mergers-and-acquisitions subcommittee of its board of directors will review strategic alternatives for the company.

In October, Wavecom's board determined that Gemalto's €7.00-per-share offer for the company was not in the best interest of Wavecom or its shareholders.

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

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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