American ViaVi returns with a better offer in a new attempt to acquire the Quebec company Xphone. Founder and controlling shareholder, Jermaine Lamonde, however, has no intention of selling his company.
The Arizona-headquartered communications network measurement and testing solutions provider is now offering US $ 8 per share to earn its competitor, which equates to approximately US $ 460 million.
Viavi offered US $ 7.50 per share last month, which was quickly rejected by Info founder and controlling shareholder Jermaine Lamonde. The latter, who is also the executive chairman of the Board of Info, will provide US $ 6 to close the company’s capital.
Viavi’s better offer comes as shareholders meet on August 13 to vote on the Jermaine Lamonde offer.
Given the financial results and outlook for Info, at $ US6 per share, Viavi believes the Jermaine Lamonde offer is not enough.
Xamine Lamonde froze before Vyavi’s progress.
“For the fourth time, as a controlling shareholder of Info, I have made it clear to the board of directors of Viavi and Info that I will not consider any transactions with Viavi,” he said in a press release on Tuesday.
“Viavi is well aware that I am going to reject any new proposal that I believe will only serve to distort the current privatization process, and ultimately aims to eliminate Viavi’s major competitor. It is by having less services and not being profitable anymore .Info’s amazing innovative engine, ”he adds.
Jermaine Lamonde reminds shareholders of the information that she has the option to accept an offer of US $ 6 per share or to be a shareholder in a public company.
No matter how many times a major competitor of information tries to disrupt this process for their own benefit my position has not changed and it does not either.
Jermaine Lamonde, founder and controlling shareholder of Information
Jermaine Lamonde pointed out last month that ViaVi had made an initial offer of $ 4.75 per share in November to raise to $ 5.25 US this spring before offering $ 7.75 in June.
Jermaine Lamonde also noted that in each case, he had “explicitly indicated” to the Board of Directors of Info that he would not consider any transactions with Via.
Jermaine Lamonde holds 61% of the information and 94% of the voting rights.
Info stock was flat on Tuesday, closing at $ 5.96 on the Nasdaq.