Swiss mobile devices software firm Myriad, currently mounting a hostile bid for AIM-listed mobile phone messaging technology group Synchronica, has asked the UK group to confirm it has paid the first slug of money it owes to Nokia.
On February 14th Synchronica, which bought the messaging business of slumping Finnish mobile phone giant Nokia in June 2011, said the first repayment to Nokia for deferred consideration on the deal will be paid this month. That was a bit too vague for Myriad, which wants to know whether the payment has been made, as it understands the transfer of funds was due on February 9th.
The Swiss firm added that it would respond to Synchronica's bid defence statements when it sends its offer document off to Synchronica shareholders. In the meantime, Myriad confirmed it has been in discussion with certain institutional shareholders of Synchronica about its bid, and has also consulted some of its own institutional shareholders.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Not surprisingly, Myriad urges Synchronica shareholders to accept its all-share offer of 4.67 Myriad shares for every 100 Synchronica shares held.
Based on the closing price of a Myriad share of CHF 4.01 and an exchange rate of CHF 1.44 to £1.00 on 30th January 2012, the day before the announcement of the bid, the Myriad offer values each Synchronica share at 13p.
jh
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
