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Telit founder fires off debt warning over tech firm s £305m takeover
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Telit founder fires off debt warning over tech firm s £305m takeover
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STOCKS TO WATCH: Is new bidder a stumbling block for Telit takeover?
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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.
City slicker: Oozi Cats could have made more than £40million from his 12 per cent stake if he had accepted Dbay s offer
The new Telit shareholder meeting to approve taking the company private is scheduled for next week. But Cats, who could have made more than £40million from his 12 per cent stake if he had accepted Dbay s offer, remains resolute.