Apivio Acquisition to Strengthen Nuri Telecom’s IoT Offerings
Nuri Telecom Company Limited and Apivio Systems Inc. have reached an agreement to support the amended offer by Nuri to purchase all of the Apivio common shares. Under the terms of the agreement Nuri has agreed to amend its offer to provide for an increase in the offer price to Apivio shareholders to $0.45 for each Share. The Amended Offer, valuing Apivio at approximately $24.0 million, has unanimous support of the Boards of Directors of both companies.
This acquisition is expected to strengthen Nuriâ€™s position as a provider of next generation communication technology for the Internet of Things ("IoT") and the Smart Grid industry. Nuri is a global leader in providing end-to-end advanced metering infrastructure solutions that save consumers money and help utilities to run a network infrastructure that's proven, reliable, future-proof and fully standardized.
Nuri's core product offering is a communication solution for smart meters, AiMiR, which provides automatic meter readings of electricity, water, gas and other measurements and delivers gathered data through a variety of networks in real time. AiMiR helps consumers and utility companies manage their resource consumption by providing real time information, accommodating their resource distribution to optimum levels for both short term and long term infrastructure needs.
"We are pleased to have the support of the Apivio Board of Directors," said Song Man Cho, Nuri's Chairman and Chief Executive Officer. "We believe this transaction delivers excellent value to Apivio shareholders. Together, we're bringing this full, fair and final offer to Apivio shareholders and we encourage everyone to tender their shares."
"Since Nuri made its initial offer, our Board has remained steadfast in our commitment to maximize value for all shareholders," said Rob Bakshi, Apivio's President and Chief Executive Officer. "This agreement fulfills that commitment, providing our shareholders with a fair price for their shares, we can now unreservedly recommend shareholders tender their shares to Nuri's improved offer."
The Agreement contains, among other things, provisions for non-solicitation of competing offers, provided that Apivio has the right to consider superior proposals from other parties.