ikeGPS has announced the discontinuation of discussions with a potential acquirer, following an unsolicited, non-binding acquisition approach.
The company received the approach from a large private equity group in late 2024, and after entering into a short period of exclusive due diligence, it determined that the potential acquirer's final offer of approximately $1 per share did not have a realistic chance of securing sufficient support from shareholders.
The offer, which represented a premium of about 62% to ikeGPS's share price as of February 5, 2025, was assessed as insufficient by the company's board.
ikeGPS said it will now focus on its growth strategy in the North American and international electric utility and communications markets.
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