EXFO will not pursue Viavi's acquisition bid

The Board of Directors of EXFO issued a statement confirming that, after careful consideration, it has decided not to pursue the unsolicited non-binding proposal made by Viavi Solutions Inc. as it is not capable of being completed.

Mr. Germain Lamonde, who founded the company and who controls, directly or indirectly, 61.46% of the issued and outstanding shares of EXFO and 93.53% of the voting rights attached to all the issued and outstanding shares of EXFO, indicated to EXFO's Board of Directors that he would not consider any alternative change of control transaction.

In a press release, Germain Lamonde states: "This is the third time that Viavi has made an offer to acquire EXFO, after its first and second attempts in November 2020 at a price of US$4.75 and in May 2021 at a price of US$5.25, respectively. On both occasions, I have indicated clearly to the board of directors of EXFO that, as the controlling shareholder of EXFO, I would not consider any transaction with Viavi and the board consequently concluded that there was no merit in pursuing any discussions with Viavi and did reiterate today to the board that, for the third time, Viavi's non-binding proposal would not obtain my support as the controlling shareholder."