First Sensor says in advanced takeover talks with TE Connectivity (updated)

First Sensor AG

26/05/2019 01:24

(Adds background)
    May 26 (Reuters) - Germany's First Sensor AG  SISG.DE  said
on Sunday it is in advanced talks with connector and sensor
maker TE Connectivity Ltd  TEL.N  regarding a takeover. 
    The company, which makes electronic sensors used in the
industrial, medical and automotive sectors, said it has received
a legally non-binding expression of interest with an indicative
offer price of about 28 euros ($31.37) per share, adding that it
is examining its options.  urn:newsml:reuters.com:*:nEQ5MzYkKa
    First Sensor said it cannot predict whether TE Connectivity
will make a takeover offer. 
    TE Connectivity did not respond to a Reuters request seeking
comment. 
    Bloomberg reported on Saturday that TE Connectivity was
nearing a deal to buy the German company. 
    In October, First Sensor's main investor, Deutsche Private
Equity (DPE), said it was considering selling its 36 percent
stake in the company. 
    DPE was considering options for First Sensor after receiving
interest in the company, in which it first invested in 2011,
Reuters reported late last year.  urn:newsml:reuters.com:*:nL8N1XB7J7
    First Sensor has a number of rivals in the new market for
light detection and ranging (LiDAR) sensors, which have
potential to be the "eyes" of driverless cars. It also makes
cameras for current generation advanced automotive collision
detection systems.
    Other LiDAR players include auto parts suppliers Continental
AG  CONG.DE , Delphi Automotive, ZF Friedrichshafen AG,
chipmakers Infineon Technologies AG  IFXGn.DE  and Texas
Instruments  TXN.O , and specialist sensor makers Velodyne and
Quanergy, among others. Some of these companies are First Sensor
customers.
    
($1 = 0.8927 euros)

 (Reporting by Kanishka Singh in Bengaluru; Editing by Dan
Grebler)
 ((Kanishka.Singh@thomsonreuters.com; +91 80 6749 0021;))