Technicolor board to recommend JP Morgan offer

The board of TV technology provider Technicolor has decided to recommend an offer by JP Morgan to buy the company despite a surprise offer by Vector Capital.

The board has decided unanimously to recommend JP Morgan’s offer to the company’s forthcoming general assembly, despite the higher Vector Capital offering. The latter, which owns 0.6% of Technicolor, is reportedly to place a series of resolutions before the assembly including a doubling of the company’s capital, reserved for itself at a price of up to €1.90 a share, which would enable it to take control of up to 18% of the group.