10:15 AM EDT, 10/01/2024 (MT Newswires) -- Emcore ( EMKR ) said Tuesday it has received an unsolicited, non-binding proposal from Mobix Labs ( MOBX ) to acquire all outstanding Emcore ( EMKR ) shares for $3.80 per share in cash.

Emcore's ( EMKR ) board will review the proposal, the company said, adding there's no assurance that any deal will be completed at this price or at any other price with any third party.

On Monday, Mobix Labs ( MOBX ) said it submitted a non-binding cash offer to acquire Emcore ( EMKR ) shares for $3.80 per share, which represents a more than 200% premium over Emcore's ( EMKR ) Sept. 27 stock closing price.

Emcore ( EMKR ) shares were up 2.5% while Mobix Labs ( MOBX ) shares were down in 3.8% in recent trading.

Price: 2.27, Change: +0.06, Percent Change: +2.49