US fugitive Oozi Cats, eyes a £40m windfall as private equity comes calling for Telit Communications
On the run: Israel-born Oozi Cats, 60, was the chief executive of Telit Communications
A controversial tycoon who was exposed as a fugitive from US justice could cash in £40million when his company is sold to private equity.
Israel-born Oozi Cats, 60, was the chief executive of Telit Communications, which specialises in equipment used for the ‘internet of things’, until 2017. He was ousted when it emerged he was still wanted in Massachusetts under the name of ‘Uzi Katz’ on charges of wire fraud dating back to the 1990s.
The fiasco sent Telit’s shares crashing by as much as 70 per cent and prompted a City watchdog probe.
But Cats held on to a 12.8 per cent stake and could cash in after private equity firm Dbay launched a £306.9million takeover bid.
His 17.2m shares would be worth £37.8million. It is not yet known if he will back the deal.
Dbay is Telit’s biggest shareholder with a 26 per cent stake, and has the backing of Chinese firm Run Liang Tai Management Limited, which is the second biggest shareholder with 14.9 per cent.
City investor Richard Griffiths, the fifth-biggest backer with 7.8 per cent, could get £20million. Shares in Telit rose 0.4 per cent, or 1p, to 226p.