u-blox Holding (0QNI) Update / Briefing Transcript

Summary of u-blox Holding Conference Call Company Overview - Company: u-blox Holding - Event: Q&A webcast regarding the ADVANCE public tender offer for u-blox - Date: August 18, 2025 - Location: Tavil, Switzerland Key Points Tender Offer Details - The tender offer from Advent is priced at CHF 135 per share, which has been criticized as not reflecting the intrinsic value of the company [7] - The Board of Directors has negotiated the share price based on internal assessments and independent fairness opinions, which aligned with the offered price [9] - The company was evaluated considering long-term business plans, not just short-term effects, leading to the conclusion that the offer represents a fair value [11][12] Valuation Concerns - A participant expressed disappointment, stating that peer multiples range from 4.5 to 6.5 for EV/sales, suggesting a fair value of CHF 1.183 billion to CHF 1.341 billion, translating to a share price of CHF 155 to 177 [8] - The offered multiple of CHF 3.46 EV/sales is significantly below peer valuations, raising concerns about the sale price being a bargain [8] Regulatory and Acceptance Process - The company will undergo appropriate regulatory processes, with no major risks anticipated from U.S. or Chinese authorities [15] - The acceptance ratio required for the transaction is two-thirds of the shares, with the offer prospectus expected to be published around August 27 [16] Company Structure and Management - u-blox will remain headquartered in Tavil, Switzerland, and there are no plans for major workforce reductions following the acquisition [20] - The management team supports the transaction and has been involved in discussions with Advent [21] - The current Board of Directors will step down upon closing of the transaction, which is customary in a change of ownership [22] Additional Information - Further documentation regarding the tender offer will be available on the website zenithoffer.com [24]