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Gemalto clarifies offer for Wavecom Oceanes, per-share price unchanged
By Lisa Kerner
Charlotte, N.C., Oct. 17 - Gemalto NV said it modified the terms of its offer for Wavecom SA in order to clarify the offer for holders of Wavecom convertibles, which are in the Oceane structure.
The offer for Wavecom shares remains unchanged at €7.00 per share, a Gemalto news release said.
Gemalto said that each Wavecom Oceane is now valued at €31.30, plus the accrued but unpaid interest.
This is the priced that the holders of Wavecom Oceanes can also obtain directly from Wavecom when redeeming their Oceanes in case of change of control under the terms and conditions of the Oceanes.
If Gemalto holds at least 50.01% of the Wavecom shares following the offer, it will request the early redemption of the Oceanes it will have received for €31.30 plus the accrued but unpaid interest.
Oceanes not tendered in the offer would still be redeemable at this same price by Wavecom, the Gemalto news release said.
If the offer is not successfully completed, Gemalto said the Wavecom Oceanes tendered will be returned to their holders.
It was previously reported that Wavecom's board rejected Gemalto's unsolicited offer to take control of the company.
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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