BREAKING NEWS: Wentronic Make Offer That Will Take Cellnet Private
Cellnet who yesterday suspended trading in their shares, is set to go private if an offer from German Company Wentronic Holdings who already own 53% of shares in the business is accepted.
Speaking to ChannelNews Cellnet CEO David Clarke said that he welcomed the cash offer which is a 50% premium on Cellnet’ s closing price yesterday of $0.18 cents.
“Having Cellnet privately owned by Wentronic will give us access to a multitude of new capabilities. It will also free up management time to concentrate on growing the business Vs having to invest in reporting and meeting the obligations of being a share listed Company” he said.
Clarke claims that the business will now have access to “new products, new capabilities and new categories to offer retailers”.
“This is an exciting time for Cellnet, and we anticipate a shareholder vote of acceptance in August” he said.
Wentronic products include a major range of products that are similar to what both Belkin and Cygnett sell including Gan chargers, batteries, cables, power adapters as well as an extensive range of AV gear.
According to Clarke the business will have access to a new range of AV and entertainment products spanning mounts as well as products for installers and electricians working in the AV market.
“Its going to be business as normal for Cellnet. Wentronic first bought into Cellnet in 2017 and this is a Company that has extensive sourcing capability across Asia Pacific that will benefit us. They already have a vast array of products which they sell in Europe and as a private Company management will have more time to concentrate on new products for the channel spanning both carriers and retailers”.
Currently Wentronic distributes 8,000 products in Europe.
More to follow.