Telxon Corp’s board has rejected the unsolicited $40 per share cash offer made by Symbol Technologies Inc on June 1, an offer which had already been increased after an initial $38 per share offer was rejected by Telxon. Symbol chairman and chief executive Jerry Swartz had originally stated that his $38 per share offer represented a chance for Telxon shareholders, who have missed out on the greatest bull run in history, to accept an offer which represented an all-time high for Telxon’s shares. Frank Brick, Telxon’s CEO, said however that even this new offer did not give his shareholders fair value. He also stated that after discussions with Symbol, a second cash and stock offer had been made, but that this offer contained insufficient information to be considered. Symbol is a manufacturer of handheld computers, radio data communications and bar code scanning equipment. Telxon designs and manufactures handheld terminals.
