Exfo founder raises bid to take company private

News General Global 9 AUG 2021
Exfo founder raises bid to take company private

Exfo founder and chairman Germain Lamonde has agreed to increase his bid for the company to USD 6.25 per share from the earlier offer of USD 6.00. As a result, several large shareholders have agreed to support his bid to take the company private at the upcoming EGM on 13 August.

Lamonde faced a rival bid from Viavi Solutions, at the higher price of USD 8 per share, but has refused to consider another buyer. He already has a majority of the votes in the company, and the shareholders Westerly Capital Management, Chris Galvin and EHP Funds, which together hold another 14.75 percent, have agreed to support his increased bid. 

The higher price comes a few days after the independent advisor Glass Lewis recommended minority shareholders do not accept Lamonde's original offer. Another firm, Institutional Shareholder Services did support his bid in a recommendation to shareholders.

Categories:

General

Companies:

Exfo,  Viavi Solutions

Regions:

Global

Tags:

Devices, Wholesale, M&A buyouts & divestments

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