u-blox Holding has announced a binding agreement with ZI Zenith, which will launch a public tender offer to acquire all publicly held registered shares of u-blox for CHF 135.00 per share in cash. This offer represents a 53% premium over the average share price for the last six months and a 32% premium over the average of the previous 60 trading days preceding the media reports about the deal.
u-blox’s Board of Directors unanimously believes that the deal is in the best interests of the company and its stakeholders, recommending shareholders accept the offer. The Board, along with management, has committed to tender all its shares. An independent fairness opinion confirms that the offer price is fair, and the largest individual shareholder, SEO Master Fund LP, has also agreed to tender its 9% stake.
Morgan Stanley & Co. International plc is the exclusive financial advisor to u-blox, with Walder Wyss as legal counsel and IFBC providing the fairness opinion. UBS acts as the financial advisor and public offer manager to Advent, with Bär & Karrer serving as its legal advisor.
KEY QUOTES:
“u-blox is a recognized leader in high-performance positioning and short-range communication technology solutions. We are excited about the opportunity to partner with the u-blox management team and co-founders, and support this innovative technology champion through its next chapter of growth. We are deeply committed to invest in the long-term success of u-blox, using our extensive experience and resources in automotive and industrial end-markets to accelerate innovation and expand its global reach. Advent has a long and successful track record of partnering with founders and management teams to deliver sustainable value creation.”
Ronald Ayles, Managing Partner at Advent
“We believe this transaction represents a highly attractive opportunity for our shareholders, customers and employees because it enables u-blox to pursue its long-term strategic objectives with greater flexibility, backed by a strong and experienced financial partner. Advent shares our vision for the company’s future, and we are excited about its intention to support and accelerate our growth and innovation pipeline.”
André Müller, Chairman of u-blox, and Stephan Zizala, CEO of u-blox
