Wavecom deems Gemalto hostile takeover offer inadequate

By Jennifer Chiou

New York, Oct. 9 - Wavecom SA said its board reached the conclusion that Gemalto NV's unsolicited offer to take control of the company is not in the best interests of Wavecom, its shareholders and employees.

"While Wavecom is always interested in any transaction that benefits shareholders and other stakeholders, we have concluded that the proposed acquisition by Gemalto fails to deliver sufficient value to merit support," Anthony Maher, independent director and chairman of Wavecom's mergers and acquisitions subcommittee, said in a news release.

The board said it will issue a more detailed opinion on Gemalto's offer together with its formal response.

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

Gemalto is an Amsterdam-based provider of microprocessor personal devices. It made the offer for Wavecom through subsidiary Gemalto SA, which provides digital security solutions and is based in Meudon, France.

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