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Nasdaq-listed Novatel Wireless has entered into negotiations with JSE-listed Digicore with a view to acquiring the fleet management and vehicle tracking group for R4 a share.
The US-based wireless broadband provider was in the process of finalising its funding of the proposed transaction and had completed “substantial” due diligence.
“Even though negotiations are at an advanced stage, shareholders are cautioned that no final binding agreement has been concluded with Novatel in relation to the implementation of the proposed transaction and there is no certainty that the negotiations or a final binding agreement will be successfully concluded,” Digicore told the market on Friday.
It further advised shareholders to exercise caution when dealing in the company’s securities.