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December 20, 2010, 11:49 AM EST
By Matthew Campbell
(Updates with closing share price from first paragraph.)
Dec. 20 (Bloomberg) -- Ingenico SA fell the most since May 2009 in Paris trading after the payment-terminal maker’s board said a bidder is “not in a position to submit a binding offer that could be accepted.”
Ingenico dropped 5.6 percent to 26.05 euros after earlier declining as much as 10 percent. The shares had been suspended on Dec. 17 at the manufacturer’s request and resumed trading at 10:30 a.m. today.
Danaher Corp., a U.S. maker of products including dental tools and bar-code equipment, offered to buy Ingenico for 1.44 billion euros ($1.9 billion), a person familiar with the situation said on Dec. 17. Ingenico announced that day the receipt of a non-binding, 28-euro-per-share takeover bid, without identifying the potential buyer. The company said late yesterday that no acceptable binding offer had been received.
France’s government considers Ingenico, which is based in the Paris suburb of Neuilly-Sur-Seine, to be a “strategic” company essential to the economy, Industry Minister Eric Besson said on La Chaine Info television today. The state didn’t support the proposed deal after determining that “the conditions were not satisfying,” a government official who declined to be named in line with policy said today.
Ingenico’s biggest shareholder is Paris-based plane-engine and electronics manufacturer Safran SA, which is 30 percent owned by France.
The 28-euro-a-share offer, received Dec. 14, was 7.7 percent more than Ingenico’s closing price of 26 euros that day, and was 1.5 percent higher than the price before the suspension of trading on Dec. 17.
Payment Systems
Payment software and equipment are attracting interest from technology, industrial and telecommunications companies as more transactions shift to electronic methods from cash. Ingenico’s products include wireless credit-card terminals and software, which Washington-based Danaher would add to an existing line of devices that includes point-of-sale systems for gas stations.
France Telecom SA, the country’s largest telecommunications company, announced a research effort earlier this month aimed at improving technologies for payments using mobile phones. The global value of goods purchased via mobile devices will be about $200 billion annually in 2012, according to Juniper Research.
--With assistance from Helene Fouquet in Paris. Editors: Tom Lavell, Simon Thiel.
To contact the reporter on this story: Matthew Campbell in Paris at mcampbell39@bloomberg.net.
To contact the editor responsible for this story: Vidya Root at vroot@bloomberg.net.
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(Updates with closing share price from first paragraph.)
Dec. 20 (Bloomberg) -- Ingenico SA fell the most since May 2009 in Paris trading after the payment-terminal maker’s board said a bidder is “not in a position to submit a binding offer that could be accepted.”
Ingenico dropped 5.6 percent to 26.05 euros after earlier declining as much as 10 percent. The shares had been suspended on Dec. 17 at the manufacturer’s request and resumed trading at 10:30 a.m. today.
Danaher Corp., a U.S. maker of products including dental tools and bar-code equipment, offered to buy Ingenico for 1.44 billion euros ($1.9 billion), a person familiar with the situation said on Dec. 17. Ingenico announced that day the receipt of a non-binding, 28-euro-per-share takeover bid, without identifying the potential buyer. The company said late yesterday that no acceptable binding offer had been received.
France’s government considers Ingenico, which is based in the Paris suburb of Neuilly-Sur-Seine, to be a “strategic” company essential to the economy, Industry Minister Eric Besson said on La Chaine Info television today. The state didn’t support the proposed deal after determining that “the conditions were not satisfying,” a government official who declined to be named in line with policy said today.
Ingenico’s biggest shareholder is Paris-based plane-engine and electronics manufacturer Safran SA, which is 30 percent owned by France.
The 28-euro-a-share offer, received Dec. 14, was 7.7 percent more than Ingenico’s closing price of 26 euros that day, and was 1.5 percent higher than the price before the suspension of trading on Dec. 17.
Payment Systems
Payment software and equipment are attracting interest from technology, industrial and telecommunications companies as more transactions shift to electronic methods from cash. Ingenico’s products include wireless credit-card terminals and software, which Washington-based Danaher would add to an existing line of devices that includes point-of-sale systems for gas stations.
France Telecom SA, the country’s largest telecommunications company, announced a research effort earlier this month aimed at improving technologies for payments using mobile phones. The global value of goods purchased via mobile devices will be about $200 billion annually in 2012, according to Juniper Research.
--With assistance from Helene Fouquet in Paris. Editors: Tom Lavell, Simon Thiel.
To contact the reporter on this story: Matthew Campbell in Paris at mcampbell39@bloomberg.net.
To contact the editor responsible for this story: Vidya Root at vroot@bloomberg.net.
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