Shares in short range data communication specialist Innovision Research & Technology (LON:INN) shot up by 76% to 33.5p this morning after the company said it had accepted a £32m cash bid from Broadcom Corporation. The bid price of 35p per share represents a premium of 84.2% to last night's closing price of 19 for each Innovision Share on 17 June 2010.
Innovision CEO, David Wollen says: "The Board is pleased to recommend this offer to Innovision shareholders, which is at a significant premium to the current market price. We are proud to have developed NFC technology to the leading position it is in today and feel that now is an appropriate time to allow a global corporation with the commitment and financial resources to progress it to the next level and commercial roll-out."
Elsewhere today, Innovision posted results for the year to 31 March 2010 which showed a loss of £2.88m on turnover of £2.0m. The company said it was still in the pre-royalty phase and the majority of revenue again relates only to customer funded development engineering. But the firm said it was pleased to report that revenue was significantly higher than the previous year with activity ramping up and major progress made on the contracts signed in the first half of 2009.
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