Another tech company that has received millions in government grants seems set to fall into overseas ownership.
California-based, NYSE-listed Emulex has made a £80.7 million ($NZ156) cash offer to takeover Endace, the network security company founded by entrepreneur Selwyn Pellett (who resigned from the board in 2010 and sold most of his shares at the same time).
Endace – which was born out of research at Waikato University – has received more than $11 million in direct government grants, and the move is sure to reignite debate over no-strings-attached taxpayer handouts.
How come we haven’t heard Labour coming out threatening to intervene (as they did in the Haier takeover)?
Given that business and Pellett have trousered millions in Government subsidies you’d think they’d be very vocal.
So is their silence because :