Exfo Rejects Buy-out Offer From Viavi Solutions

(RTTNews) - Exfo Inc. (EXFO, EXF.TO) said that its board clarified the situation for shareholders and other stakeholders about the unsolicited non-binding proposal made by Viavi Solutions Inc.

Exfo founder and majority shareholder Germain Lamonde indicated to EXFO's Board that he would not consider any alternative change of control transaction.

Exfo's board, with Germain Lamonde and Philippe Morin having recused themselves from the meeting, reviewed and diligently considered the Proposal along with the Special Committee and their advisors. The unambiguous statement by the Controlling Shareholder that he rejects the proposal led EXFO's board to conclude that it will not pursue the proposal as it is not capable of being completed.