Apivio Systems Inc., a Richmond-headquartered developer of communications equipment and software, which includes a line of land-line-based smartphones, is advising its shareholders to reject a buyout bid by, Nuri Telecom Company Limited, a rival company based in Korea. “The Nuri offer is opportunistic and takes advantage of the current share price without compensating shareholders for the strength of Apivio’s future product pipeline, with several new products scheduled for launch in 2017,” the company stated. According to Apivio, the bid price of 40 cents per share represents a 14 per cent discount to the 52-week high and is significantly below the average valuation of similar transactions.
