- Technology company Telit Communications has received a merger offer from Swiss firm u-blox.

The proposed deal valued Telit at £2.50 a share, or approximately £332.6 million, and would result in Telit shareholders owning 53% of the combined company.

Telit's board said it was considering the proposal, but emphasised that there was currently no certainty over whether the merger would occur or its terms.

U-blox has until 5pm on 18 December 2020 to make a firm offer.

In a separate statement, the Swiss semiconductor manufacturer said it believed a merger would have 'a strong strategic rationale and could result in substantial synergies for both organisations'.

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