Hexagon begins tender offer for NovAtel

By Lisa Kerner

Charlotte, N.C., Oct. 19 - Hexagon AB subsidiary Hexagon Canada Acquisition Inc. began a $50-per-share tender offer to acquire all the issued and outstanding common shares of NovAtel Inc.

The offer is slated to end at 5 p.m. ET on Nov. 27, according to a company news release.

It was previously reported that the deal, valued at about $390 million, would close in the fourth quarter.

Hexagon and NovAtel announced a definitive agreement on Oct. 8.

NovAtel is a Calgary, Alta., provider of global navigation satellite system positioning components.

Hexagon is a Swedish technology group organized into two business areas: measurement technologies and polymers.

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