* Cash bid at 26 pct discount to Monday close
* Punch undertaken to accept offer, subject to prospectus
* Bid values Telematix at about 13.5 mln eur
* Punch shares largely flat
BRUSSELS, April 27 U.S. company Trimble
Navigation (TRMB.O) has made a cash bid worth 13.5 million euros
($17.99 million) for Punch Telematix PTXB.BR, the Belgian
maker of on-board computers for trucks which is majority owned
by Punch International PUNC.BR.
The bid of 3.15 euros per share is at a 26 percent discount
to the closing price on Monday, but a premium of 15 percent on
the average closing rate over the past three months, the company
said, and a 13 percent improvement on a previous offer.
The offer, which has been conditionally recommended by Punch
Telematix, would increase its sales market due to Trimble's
market position, said Punch Telematix Chief Executive Michel Van
Maercke in a statement.
"The sales market for Punch Telematix solutions would become
considerably larger, given that Trimble has a global presence as
a leading provider of positioning solutions and applications for
mobile resource management," he said in a statement.
Last month Punch Telematix and its parent Punch
International rejected a 2.78 euros per share takeover approach
from Belgian rival Transics. [ID:nLDE62H09U]
Shares in Punch International were largely unchanged at 0713
GMT, up 0.4 percent.
(By Ben Deighton; Editing by Rupert Winchester)