Janus Henderson Said to Oppose Advent’s $1.3 Billion U-blox Bid

(Bloomberg) — Janus Henderson Group Inc. will not tender its shares in U-blox Holding AG for Advent’s 1.05 billion Swiss franc ($1.3 billion) takeover bid of the chipmaker, according to people familiar with the matter.

Janus Henderson, a top-10 U-blox shareholder with a 5% stake, is disappointed the firm’s management accepted an offer from Advent without spending more time exploring strategic options, the people said. The asset manager estimates fair value for U-blox would be about double Advent’s offer price, based on the firm’s stated targets for the next couple of years, the people said.

In August, Advent proposed to buy U-blox for 135 Swiss francs per share in cash with the offer window expected to run until Oct. 9. U-blox shares closed at 134.2 Swiss francs on Tuesday.

U-blox, which designs chips and modules for positioning technology used in cars, drones, and consumer devices, recently shed its loss-making cellular business. U-blox Chief Executive Officer Stephan Zizalads has said the company’s focus is shifting toward automated driving and mobile robotics.

The valuation does not adequately consider the company’s future growth prospects, especially for drones in the defense industry, the people said. U-blox’s sole focus on higher-growth positioning sensors business means the company has a better future, the people said.

Not all holders are opposed to the deal. Spectrum Entrepreneurial Ownership, an investment vehicle backed by billionaire Thomas Schmidheiny, has agreed to tender its stake of about 9%.

Janus Henderson is not opposed to considering a higher offer from Advent, according to the people.

Representatives for Janus Henderson and Advent declined to comment, while U-blox didn’t respond to requests for comment.

–With assistance from Allegra Catelli.

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