QUEBEC CITY — Telecom testing and monitoring solution provider EXFO Inc. announced today its founder and controlling shareholder, Germain Lamonde, has increased the per-share purchase price he is prepared to pay to take the company private to US$6.25.
The increase of 25 cents per share on his original offer of US$6 made in June comes after U.S. competitor Viavi Solutions last week publicly urged EXFO’s shareholders to reject Lamonde’s offer. Viavi is looking to buy EXFO itself and increased its own acquisition offer to US$8 per share in July from the US$7.50 it offered in June.
In a press release this morning, EXFO says Lamonde and the company have also entered into support and voting agreements with some of its largest minority shareholders, including Westerly Capital Management, Chris Galvin and EHP Funds Inc.
“We have been long term supportive shareholders of EXFO and we support Mr. Lamonde’s revised offer to take EXFO private. We believe that the transaction represents a fair outcome for EXFO’s minority shareholders as it provides actionable, attractive and immediate liquidity,” said Chris Galvin, managing partner at Westerly Capital.
Shareholder voting on Lamonde’s purchase offer will take place during a special online meeting on August 13, 2021. The proxy voting deadline is August 11.
