TI Bids to Acquire German Telecom Maker

FRANKFURT, March 4 -- German telecom equipment group Condat AG said Texas Instruments has made an acquisition offer of 108 million euros (US $93 million). TI is offering Condat shareholders 12 euros per share, a 155 percent premium over Thursday's closing share price of 4.70 euros, the German firm said.

"The management and supervisory boards of Condat consider the offer price to be fair and appropriate and will recommend that the shareholders accept it," Condat said. Texas Instruments had been a 10.9 percent stakeholder in Neuer Markt-listed Condat since March 2000, the German firm said, adding that the two companies had a close strategic partnership since 1997.