June 10 (Reuters) - Taiwan-listed technology firm Ennoconn Corp said on Wednesday it has launched a takeover bid for Austria-based Kontron, offering 23.50 euros per share to all its shareholders.
Kontron, which the deal values at 1.47 billion euros ($1.7 billion), said it would suspend its share buyback program until the takeover offer is completed and would review Ennoconn's offer.
The company's market capitalization was 1.43 billion euros, as of Wednesday's close, according to LSEG data. The offer
represents a premium of 4.2% compared to Kontron's last close.
The tech firm said last month that its board had authorized Ennoconn, its largest shareholder, to cross the 30% ownership threshold. Ennoconn crossed that on Wednesday, kicking off a mandatory takeover bid.
Kontron offers IoT (Internet of Things) services, spanning automated industrial operations to advanced communications with a presence in 23 countries across the world and about 7,000 employees, according to its website.
Last month, it reported first-quarter revenue of 363.7 million euros and said it expects 2026 adjusted EBITDA of 225 million euros and disclosed plans to cut 500 jobs.
Ennoconn offers integrated cloud management, IoT and design-manufacturing services, according to its website.
($1 = 0.8660 euros)
(Reporting by Kanjyik Ghosh in Barcelona; Editing by William Maclean and Joyjeet Das)
