Wavecom Rejects Gemalto Offer

Wavecom board considers Gemalto’s hostile offer inadequate

October 9, 2008

1 Min Read

ISSY-LES-MOULINEAUX, France -- After due and careful consideration of Gemalto’s unsolicited offer to take control of Wavecom (Paris:AVM) (NASDAQ:WVCM), the board of directors of Wavecom has reached the conclusion that Gemalto’s hostile offer is not in the best interests of Wavecom, its shareholders and employees.

Anthony Maher, independent director and Chairman of Wavecom’s M&A sub-committee summarized the position of the board, saying “While Wavecom is always interested in any transaction that benefits shareholders and other stakeholders, we have concluded that the proposed acquisition by Gemalto fails to deliver sufficient value to merit support.”

Wavecom SA (Nasdaq: WVCM)

Gemalto

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