Tectia’s Board does not support tender offer

Tectia's (OMXH:TEC1V) Board of Directors (excluding the offeror) has said it does not support founder Tatu Ylönen's Clausal Computing Oy Public Tender Offer. The Board has not actively sought for competing offers since Ylönen already has a sizeable chunk of the company. An external fairness opinion concluded that the offer is not fair. The offeror also obviously has a lot more information on the prospects of the company as do retail shareholders.

In the last few days it had also become known, that shareholders representing more than the minimum of 10% of shares/votes that it takes to thwart a forced takeover are against the move. The company has new products coming to the market and it has not provided any guidance for 2012 since there is considerable uncertainty involved. The stock is trading at the offer price of 50 cents.