Swiss IoT firm U-Blox has pulled out of its plan to buy Telit after Telit terminated discussions.

U-Blox announced back in November its intention to acquire Telit after speculation in the press. At the time, it submitted a non-binding all-share offer valuing Telit at £2.50 per share.

The board of U-Blox said at the time it believed that such a combination had a strong strategic rationale and could result in substantial synergies for both organisations.

Initially, U-Blox had until 18 December to make a firm offer or withdraw. Discussions were still ongoing and U-Blox managed to get an extension until 18 January from the UK Panel on Takeovers & Mergers. U-Blox said then that it remained committed to making every effort to progress towards a possible offer for Telit in the interests of shareholders.

However, on 7 January Telit terminated discussion regarding a possible merger. U-Blox said it had received a letter from Telit confirming this but believed that a combination of the two entities had strong strategic rationale and could result in substantial synergies, to the benefit of both sets of shareholders, through the combined product offering, and scale benefits in areas including innovation, sales and global distribution channels.

But earlier this week, U-Blox announced it no longer intended to make a bid for Telit.

With headquarters in Thalwil, Switzerland, U-Blox is globally present with offices in Europe, Asia and the USA.