The Scottish Mail on Sunday
Cats holding out for the cream over sale of Telit
OOZI CATS isn’t rolling over easily. Two weeks ago the controversial former chief executive of Telit Communications told The Mail on Sunday he wasn’t happy with Dbay’s £300million, £2.20-a-share takeover offer for the chip designer he founded 20 years ago.
As a result, Dbay, an activist private equity firm, was forced to delay a shareholder vote to approve the deal and then had to increase its bid to £2.29½p a share.
The new Telit shareholder meeting to approve taking the company private is scheduled for next week. But Cats, who could have made more than £40 million from his 12 per cent stake if he had accepted Dbay’s offer, remains resolute.
He says: ‘This is still a half-price deal. So I plan to vote against Dbay’s new offer at next week’s shareholder meeting.
‘I urge other Telit shareholders to do the same.’
This cat is clearly holding out for the cream.
THE annual dash to post corporate results before the August holidays takes place next week with an avalanche of figures for investors to digest.
NatWest, Lloyds and Barclays are among those posting interim results.
The latter could prove the most interesting after the recent rush of dealmaking and flotations.
Barclays’ bankers have been on the ticket for several deals and they advised on this week’s much-anticipated flotation of trading app Robinhood. Analysts are pencilling in first half profits of £4 billion, against £1.3billion a year before, so an interim payout of 1.8p a share and 5.7p for the year are expected.