Mergers and Acquistions News
Categories: Telecoms
December 9th 2008, 15:41PM
Vodafone Europe has launched a bid for satnav firm Wayfinder, it has been revealed.
The bid for the company values it at around 239 million Swedish kronor (£19.81 million), or 12 kronor per share.
According to Vodafone this equates to a 252.9 per cent premium on its target's closing share price on December 8th.
Wayfinder's board of directors has already recommended that shareholders accept the offer.
Magnus Nilsson, director of the board at Wayfinder, said: "We are excited about the prospects of serving the vast Vodafone subscriber base with our world leading location-based services. We remain committed to serving our existing customer base."
So far, shareholders holding around 44.9 per cent of the total share capital and voting rights in Wayfinder have granted Vodafone call options and given undertakings to accept the offer.
Yesterday, it was revealed that M2 is to pay around Aus$17 million (£7.6 million) to acquire fellow Australian telecoms firm People in a friendly deal.
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