Gemalto is trying a hostile takeover, says Wavecom
Contrary to some media reports, Wavecom did not encourage, endorse or discuss the offer with Wavecom, and therefore considers it to be a hostile takeover bid.
Furthermore, Wavecom's management believes that the price offered does not reflect the intrinsic value and prospects of the company.
Anthony Maher, independent board member & chairman of the M&A sub committee, commented: "Accepting this unsolicited offer does not seem the best approach to preserve the interests of Wavecom, its shareholders and its employees."
Wavecom's board of directors will meet shortly to consider the terms and conditions of the offer.
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