Vodafone has made a cash offer of Â£0.99 (â‚¬1.13) per share for Swedish location-based services (LBS) provider Wayfinder. The offer represents a 253% premium on the company's closing share price on Monday, valuing it at Â£19.81 million, according to a report in totaltele.com.
The article stated, 'This is a somewhat surprising move given the current economic climate, and Vodafone's stated focus on cost control and growth from core assets,' said Jonathan Arber, senior analyst, consumer wireless and mobile communications, IDC, in a research note.
Meanwhile, Vodafone said in a statement that Wayfinder's board recommended that shareholders accept the offer, and that holders controlling 44.9% of the company have already agreed to sell.
It expects the deal to go through early in the New Year.