Oberthur Technologies SA, Europe's third-largest maker of smart cards, got a buyout offer Tuesday from its majority owner, Francois-Charles Oberthur Fiduciaire.
The offer price of $9.82 per share is 34% higher than Monday's closing price. The board of the Nanterre, France, company is to meet on Sept. 29 to review the offer and give an opinion.
An independent auditor has judged the offer fair to minority shareholders, Oberthur Technologies said.
It also said Tuesday that its first-half profit grew 43% from the year earlier, to $21.6 million, as its operating margin increased. Oberthur's operating margin rose to 7% of sales, compared with 5% a year earlier. It confirmed its full-year targets.
Francois-Charles Oberthur Fiduciaire is the holding company through which the family of company founder Jean-Pierre Savare holds a 73.6% stake in Oberthur Technologies.