Gemalto extends offer for Wavecom as a formality

By Lisa Kerner

Charlotte, N.C., Dec. 15 - Gemalto NV extended the expiration date of its U.S. tender offer for Wavecom SA for regulatory reasons.

Despite the extension, Gemalto said it still plans to withdraw and terminate the offer prior to its expiration after Wavecom agreed to be acquired by Sierra Wireless, Inc.

Sierra will make a cash offer of €8.50 per ordinary share of Wavecom and €31.93 per Oceane convertible bond for a total purchase price of about €218 million, it was previously reported.

Gemalto's new expiration date will be subsequent to the anticipated opening of Sierra Wireless France SAS' offer for Wavecom in France, a Gemalto news release said.

The French Autorité des marchés financiers was informed by Gemalto of its intent to terminate its French offer for Wavecom, which will result in the parallel termination of its U.S. offer, according to Gemalto.

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.

Gemalto recently 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 is an Amsterdam-based provider of microprocessor personal devices. It made the offer for Wavecom through subsidiary Gemalto SA, which provides digital security solutions and is based in Meudon, France.

Based in Richmond, B.C., Sierra provides wireless wide area modem solutions for the mobile computing, rugged mobile and M2M markets.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.