Telit Communications PLC (LON:TCM) shares jumped on Tuesday as it confirmed media speculation that it has received a preliminary approach from asset manager DBAY Advisors Limited regarding a possible takeover offer
The internet of things (IoT) solutions provider also said that it has received a preliminary approach from Lantronix Inc (NASDAQ:LTRX), a US IoT and cloud-based device management specialist, regarding a possible offer but this has been rejected after consideration.
However, Telit said it remains in discussions with Lantronix to explore a possible transaction, with the consideration, if any, likely to be made in Lantronix shares.
The company also said there can be “no certainty” that an offer will be made by either party and a further announcement will be made when appropriate.
Telit shares rose 6.3% to 147.6p in early deals.