Viavi Solutions has raised its takeover bid for Exfo to USD 8 per share. The company said the increase from USD 7.50 per share reflects the recent strong quarterly results reported by Exfo. Viavi's previous attempts were rejected by Exfo's controlling shareholder German Lamonde, who is seeking to take the company private.
Viavi said the new offer values Exfo at USD 459 million, more than double the price before the going-private offer was announced in early June. Its bid is also a third more than Lamonde's offer to minority shareholders of USD 6 per share. It called on Exfo's independent directors to open negotiations on the new offer and work to persuade Lamonde to support the bid.
Lamonde responded with another rejection of the offer, saying Viavi was trying to disrupt the going-private transaction and Exfo's business. He reiterated that he would not accept a change of control in the company and said Exfo customers would be better off under the current management.
