German Lamond retracts Fiafe’s advance for Exfo

German Lamond retracts Fiafe's advance for Exfo

Exo’s founder and controlling shareholder, Germain Lamonde, rejects Viavi’s predecessor even though this American company is offering 25% more than he’s offering to buy Quebec and close its capital.




Richard Dufour

Richard Dufour
Journalism

Viavi, a Nasdaq-listed telecom network measurement and testing solutions provider, on Wednesday unveiled an offer to Exfo worth just over half a billion dollars, equivalent to $9.14 per share ($7.50).

Last week, German Lamond made a $6 per share offer to close capital for a Quebec company that specializes in testing equipment for the telecommunications sector.

At $7.50 per share, Viavi claims its bid is in the higher range of $5.75 to $7.50 set by TD Experts, an independent appraiser who provided analysis in the context of the bid prepared by Germain Lamonde.

In response to Viafe’s offer, German Lamond said in a statement that this is the third time since the fall that the Scottsdale, Arizona company has made a takeover bid for Exfo.

In November, Viavi offered $4.75 per share, before increasing its offer to $5.25 last month.

Germain Lamonde also reveals that on each occasion, he has “clearly” indicated to the Info board that he would not consider any transaction with Viavi and that the board therefore decided it was not worth discussing. with Viavi.

Germain Lamond controls the fate of the information. He owns 61% of the shares outstanding and 94% of the voting rights.

“As I have stated several times to the board of directors, I will not consider any change to the control transaction, such as the one proposed by Viavi. My shares are not for sale,” he said.

READ  Neuralink loses one of its founders for unknown reasons

One of two things, he says, is acceptance of her buyback proposal at $6 per share by shareholders or Exfo continuing to operate as a public company on the stock exchange. “I believe strongly in Info’s prospects as a stand-alone company and have no intention of modifying operations, including the location of the head office in Quebec,” adds German Lamond.

Info shares jumped 22% to $8.77 in Toronto on the day before reversing quickly after the Germain Lamonde reaction.

Leave a Reply

Your email address will not be published. Required fields are marked *