• Rejected non-binding offer from Quadient SA to acquire TZ's US subsidiary Telezygology Inc.
• Offer did not include TZ's strategic Data Centre Security division
• Board determined offer undervalued Telezygology's client base and future potential

TZ Ltd has announced that it has rejected a non-binding and indicative offer from Quadient SA, a company listed on Euronext Paris, to acquire TZ's US subsidiary, Telezygology Inc. The offer was for Telezygology's installed base of Smart Lockers and Smart Access contractual arrangements, all established client contracts and installations, with all associated SaaS fees and the future 'sales pipeline'. However, the offer did not contemplate anything associated with TZ's Data Centre Security division, which the Board considers to be of strategic importance to TZ's future. After due consideration, the Board determined that the bid undervalued the US business, particularly its client base of significant, world-class companies. Given the historical interest in Telezygology, TZ has now decided to undertake a strategic review to assess the structural and ownership options for this business, which is being undertaken by the TZ Board of Directors.