Topcon, Siem intensify bidding war for satellite positioning firm

Topcon, Siem intensify bidding war for satellite positioning firm

SHARE

US: Topcon Corporation and Siem Industries have raised a joint offer to acquire Veripos, a manufacturer of satellite navigation and positioning systems for offshore oil companies, in response to a higher offer from a rival bidder.

Siem-Topcon said that they would raise their bid to Nkr35 ($5.76) per share, from an earlier offer of Nkr30, after Swedish player Hexagon put an increased offer of Nkr34 per share on the table to acquire 33.33% of the shares in Veripos. Shareholders have been given a one-month acceptance period for the pair’s revised bid with a deadline of December 27. Veripos saw its share price rise by a further 12.42% to Nkr38 following the fresh offer, having surged by nearly 30% over the past month.

Source: UpStream