EQS Group-News: u-blox AG / Key word(s): Corporate Action
Ad Hoc Press release
Update regarding Telit Communications PLC ("Telit")
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.
THIS DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE") AND ACCORDINGLY THERE CAN BE NO CERTAINTY THAT ANY OFFER WILL BE MADE.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
For immediate release
Thalwil, Switzerland - 18 December 2020 - u-blox Holdings AG ("u-blox") (SIX:UBXN,OTC:UBLXF), a global leader in wireless and positioning technologies, refers to its proposal regarding a possible offer for Telit, as previously announced by u-blox on 20 November 2020. u-blox was required, in accordance with Rule 2.6(a) of the Code, by 5.00 pm (London time) on 18 December 2020, to either announce a firm intention to make an offer for Telit in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer for Telit.
u-blox confirms today that following a request from the board of Telit to the UK Panel on Takeovers and Mergers (the "Panel"), the Panel has, under Rule 2.6(c) of the Code, approved an extension of the previous deadline to 5.00 pm (London time) on 18 January 2021 to enable the parties to continue their ongoing discussions. At that time, u-blox must either announce a firm intention to make an offer for Telit or announce that it does not intend to make an offer for Telit, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This new deadline can be further extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code.
As previously stated, the board of u-blox believes that a combination of the two companies has a strong strategic rationale and could result in substantial synergies. u-blox remains committed to making every effort to progress toward a possible offer for Telit in the interests of shareholders. However, there can be no certainty that a firm offer will be made.
u-blox will continue to make additional statements and provide updates as appropriate.
Credit Suisse International ("Credit Suisse"), which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the UK, is acting as lead financial adviser exclusively for u-blox and no one else in connection with the matters set out in this announcement and will not be responsible to any person other than u-blox for providing the protections afforded to clients of Credit Suisse, nor for providing advice in relation to the content of this announcement or any matter referred to herein. Neither Credit Suisse nor any of its subsidiaries, branches or affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Credit Suisse in connection with this announcement, any statement contained herein or otherwise.
Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel's website at http://www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. If you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure, you should contact the Panel's Market Surveillance Unit on +44 (0)20 7638 0129.
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