Sierra starts tender for Wavecom's shares, Oceane convertibles

By Jennifer Chiou

New York, Jan. 8 - Sierra Wireless France SAS reported the launch of its previously announced cash offer of €8.50 per ordinary share of Wavecom SA and €31.93 per Oceane convertible bond for a total purchase price of about €218 million.

The offer will run until Feb. 12.

As previously noted, the price represents a 2% premium to the Oceane redemption value.

On Dec. 15, Gemalto NV extended the expiration date of its U.S. tender offer for Wavecom for regulatory reasons. Despite the extension, Gemalto still planned to withdraw and terminate the offer prior to its expiration after Wavecom agreed to be acquired by Sierra Wireless, Inc.

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

Oddo Corporate Finance is the broker.

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

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

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