Switzerland Update Telit Tender

Ublox Holdings AG ublox a global leader in wireless and positioning technologies refers to its proposal regarding a possible offer for Telit as previously announced by ublox on 20 November 2020. ublox was required in accordance with Rule 2.6a of the Code by 5.00 pm London time on 18 December 2020 to either announce a firm intention to make an offer for Telit in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer for Telit. ublox confirms today that following a request from the board of Telit to the UK Panel on Takeovers and Mergers the Panel the Panel has under Rule 2.6c of the Code approved an extension of the previous deadline to 5.00 pm London time on 18 January 2021 to enable the parties to continue their ongoing discussions. At that time ublox must either announce a firm intention to make an offer for Telit or announce that it does not intend to make an offer for Telit in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This new deadline can be further extended with the consent of the Panel in accordance with Rule 2.6c of the Code. As previously stated the board of ublox believes that a combination of the two companies has a strong strategic rationale and could result in substantial synergies. ublox remains committed to making every effort to progress toward a possible offer for Telit in the interests of shareholders. However there can be no certainty that a firm offer will be made. ublox will continue to make additional statements and provide updates as appropriate.