IkeGPS Rejects Acquisition Offer That Fell Short of Shareholder Expectations

IkeGPS Group Limited (NZX: IKE) has ended discussions with a prospective buyer after an unsolicited takeover bid failed to meet shareholder expectations. The company, which provides utility pole assessment solutions globally, confirmed that the offer came from a "large, credible private equity group."

Following a brief due diligence process, the potential acquirer proposed a price of $1.00 per share, representing a 62% premium on IkeGPS’ last traded share price. However, the board determined that the bid undervalued the company's long-term potential, leading to the decision to reject it. Investors will now focus on IkeGPS’ growth strategy and whether further acquisition interest emerges in the future.

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