QUEBEC — Viavi Solutions Inc. says it has made a takeover offer for Quebec-based Exfo Inc. that values the maker of test, monitoring and analytics equipment for the communications industry at US$430 million.
However, Exfo founder and majority shareholder Germain Lamonde, who has made his own offer to take the company private, said he will not support the bid by the U.S. firm.
Under its proposal, Viavi is offering US$7.50 per share, topping Lamonde's offer of US$6 per subordinate voting share.
Viavi, which also makes test equipment for the communications industry, says the combination of the companies has clear strategic merits.
However, in a statement Wednesday, Lamonde, who also serves as Exfo's executive chairman, said his shares are not for sale.
Lamonde holds 14.22 per cent of Exfo's subordinate-voting shares and all of the company's multiple-voting shares for a total of 61.5 per cent of the company's shares and 93.5 per cent of the voting rights.
This report by The Canadian Press was first published June 16, 2021.
Companies in this story: (TSX:EXF)
The Canadian Press