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Technology / AI and automation

MICOM SYSTEMS SHARES LEAP ON NEWS OF UNSOLICITED OFFERS

It seems that Micom Systems Inc’s days as an independent company are numbered following an announcement from the diversified data communications equipment manufacturer that it had received unsolicited offers for the company at prices in excess of current market values. The Simi Valley, California company, which produces packet switches, local area network gateways, multiplexers and modems, and operates through a joint venture with Borer of Switzerland in the UK, implied that the offers had come from more than one quarter. Its shares leaped $2.625 to $16 on the announcement, valuing the firm, with 18.6m shares out, at almost $300m. Micom has retained two firms of investment bankers to advise it on max imising shareholder values a term that usually means a firm is ready to surrender to the highest bidder.

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CBR Staff Writer

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