First Sensor in advanced takeover talks with TE Connectivity

Germany’s first sensor AG said on it is in advanced talks with connector and sensor maker TE Connectivity regarding a takeover.

The company, which makes electronic sensors used in the industrial, medical and automotive sectors, said it has received a legally non-binding expression of interest with an indicative offer price of about 28 euros ($31.37) per share, adding that it is examining its options.

First Sensor said it cannot predict whether TE Connectivity will make a takeover offer.

In a statement, TE Connectivity confirmed the talks and added that an “exclusivity agreement” had been signed between TE Connectivity and First Sensor. The company said it would reveal further information at a later stage.