QUEBEC CITY — EXFO Inc.’s founder and controlling shareholder Germain Lamonde today announced he has yet again rejected an unsolicited proposal from Scottsdale, Ariz.-based Viavi Solutions to acquire EXFO, a Quebec-based telecom testing and monitoring solution provider.
Viavi, which also sells network test and monitoring solutions, announced this morning it has increased its acquisition offer to US$8 from the US$7.50 it offered in June for each outstanding subordinate voting share and multiple voting share of EXFO.
Lamonde plans to take EXFO private and is offering US$6 per share to shareholders of EXFO’s subordinate voting shares.
In a statement issued today, Lamonde says: “Viavi Solutions Inc. made a fourth unsolicited, non-binding proposal to acquire EXFO Inc., and, for the fourth time, I make it crystal clear to Viavi and to my board of directors at EXFO that as controlling shareholder of EXFO, I would not consider any transaction with Viavi, or any other change of control transaction.
“Viavi knew full well I would reject any new non-binding, non-executable tentative proposal, which in my view is only intended to create distortion in the current go-private process and is simply aimed at eliminating Viavi’s main competitor — it is clearly not in the best interest of Viavi and EXFO customers as they would end up paying much higher prices for the products we sell, having less services and no longer benefit from EXFO’s incredible innovation engine,” Lamonde adds.
“I have been clear and unambiguous with EXFO shareholders since June 7 that they have a choice of accepting my formal offer of US$6.00 per subordinate voting share or remaining a public company. My position has not changed since then and nor will it change, no matter how many times EXFO’s primary competitor tries to interfere in the process for its own benefit.”
To read Lamonde’s full statement, please click here.
