As stated by the companies, Advent, via its subsidiary ZI Zenith, will provide u-blox shareholders with 135 Swiss francs for each share, reflecting a 32% premium over the average weighted price of these shares over the 60 trading days ending August 14.
Meanwhile, the proposed amount for the shares is less than their closing price in Switzerland on Friday (138.6 Swiss francs). After the trading results on August 15, u-blox shares increased by 24.4% due to news of the forthcoming offer.
The board of directors at u-blox unanimously endorsed the agreement, advising the company's shareholders to accept the offer from Advent.
SEO Master Fund LP, holding a 9% stake, the largest shareholder of the Swiss company, also voiced support for the agreement and consented to sell all its shares.
The announcement states that the offer will be released on or about August 27 and will remain valid until October 29, 2025.
u-blox manufactures chips and software utilized in, among other applications, navigation systems for vehicles and drones.
source: ft.com
Meanwhile, the proposed amount for the shares is less than their closing price in Switzerland on Friday (138.6 Swiss francs). After the trading results on August 15, u-blox shares increased by 24.4% due to news of the forthcoming offer.
The board of directors at u-blox unanimously endorsed the agreement, advising the company's shareholders to accept the offer from Advent.
SEO Master Fund LP, holding a 9% stake, the largest shareholder of the Swiss company, also voiced support for the agreement and consented to sell all its shares.
The announcement states that the offer will be released on or about August 27 and will remain valid until October 29, 2025.
u-blox manufactures chips and software utilized in, among other applications, navigation systems for vehicles and drones.
source: ft.com