The largest company in the handheld computer and data collection unit market, Telxon Corp, Akron, Ohio is to start a $17 a share cash tender offer for the second largest, MSI Data Corp, Costa Mesa, California. MSI is much stronger than Telxon in the European market. The $17 a share offer values MSI at $89.5m […]
The largest company in the handheld computer and data collection unit market, Telxon Corp, Akron, Ohio is to start a $17 a share cash tender offer for the second largest, MSI Data Corp, Costa Mesa, California. MSI is much stronger than Telxon in the European market. The $17 a share offer values MSI at $89.5m and the news caused MSI’s shares to bounce $6.375 to $17.375; Telxon lost 75 cents to $17.25. The two firms have been locked in litigation for three years, Telxon wanting $100m in punitive damages for alleged misappropriation of trade secrets; MSI has a countersuit alleging patent infringement by Telxon. Sales for Telxon for the year to March were $124m; MSI Data did $90.2m in the same 12-month period.
