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FINWIRES

Ennoconn Launches Takeover Bid for Kontron

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Ennoconn (TPE:6414) on Wednesday launched a mandatory takeover offer for Austrian IoT firm Kontron.

The Taiwanese firm is offering 23.5 euros per share in cash to acquire shares it does not already own, a premium of 2.4% to Kontron's closing price on June 9. The deal values Kontron at 1.47 billion euros, according to a Reuters report.

Kontron said it would suspend a share buyback program it announced in March, pending the completion of the mandatory takeover offer.

Kontron chief executive Hannes Niederhauser said he would not accept the offer with respect to the 1.3 million shares held in the company. Niederhauser's shares represent 2.2% of the business.

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