By Dean Seal
Emcore confirmed that it has received an unsolicited offer from Mobix Labs to be acquired at $3.80 a share.
The stock was up 1% at $2.23 in premarket trading, adding to an 83% gain during Monday's trading session after Mobix first publicized the offer.
The navigational-products maker said Tuesday morning that its board is reviewing Mobix's nonbinding proposal for an all-cash acquisition. The offer values Emcore at $34.5 million, based on its estimated 9.07 million shares outstanding, according to FactSet.
Mobix, a fabless semiconductor company operating in the military and defense sector, said Monday morning that it was willing to buy Emcore at more than a 200% premium to its $1.21 share price from last week's market close.
Mobix Chief Executive Fabian Battaglia said integrating Emcore products into its portfolio would accelerate its growth and innovation in critical markets.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
October 01, 2024 07:48 ET (11:48 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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