October 26, 2018 / 7:40 AM / 21 days ago

EVS says it does not know plans of rival and shareholder Evertz

BRUSSELS (Reuters) - Belgian broadcast and video technology company EVS Group (EVSB.BR) does not know what Canadian rival Evertz (ET.TO) plans to do after taking a 3 percent stake in EVS this week, the Belgian company’s chief told Belgian newspaper L’Echo on Friday.

According to a filing published on Wednesday, Evertz now holds 3.12 percent of EVS. On the same day, EVS issued preliminary third-quarter figures and announced it would be buying back 10 million euros of its shares.

The news sent EVS shares up 19 percent on Thursday to 19.00 euros.

“It’s quite possible that Evertz intends to go far beyond its 3 percent stake,” EVS chairman and interim chief executive Pierre De Muelenaere told L’Echo when asked if Evertz planned a takeover.

Based on EVS’s closing share price on Thursday of 19 euros, the company has a market capitalization of 259 million euros ($295 million). Evertz’s market capitalization is three times larger.

Reporting by Philip Blenkinsop; editing by Francesco Guarascio and David Evans

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