Advent's Takeover of U-Blox Clears Hurdle as TEC Dismisses Appeals
Advent International is attempting to acquire Swiss technology company U-Blox through its Polish subsidiary ZI Zenith. The Takeover Commission (TEC) has dismissed appeals against the takeover offer, which began on September 11th and will conclude on October 9th.
The TEC rejected appeals from EQMC Europe Development Capital Fund and QIF CCF - Mercer Investment Fund, which questioned the fairness of the offer price at 135 francs per share. EQMC and QIF CCF sought more information on why U-Blox's board did not consider a competitive bidding process involving strategic buyers. They also requested details on the fairness option regarding the offer price, which they deemed too low. The TEC sided with U-Blox and Zenith, dismissing these criticisms and ordering EQMC and QIF CCF to bear procedural costs of 20,000 francs.
Alantra EQMC Asset Management, which manages both EQMC and QIF CCF, filed the appeal on September 2nd. The Polish subsidiary involved in the planned acquisition is linked to OSMAB Holding AG. EQMC and QIF CCF also demanded the disclosure of U-Blox's employee participation plans in the offer prospectus or the board of directors' report.
The takeover offer for U-Blox remains open until October 9th, with Advent International's subsidiary ZI Zenith as the sole bidder. EQMC and QIF CCF's appeals have been dismissed, and the acquisition process continues as planned.
