Gemalto has informed the French Financial Markets Authority (AMF) of its intent to withdraw its offer for Wavecom or to adjust the terms of its offer. Wavecom is a provider of embedded wireless technology for machine-to-machine communication.

Wavecom views Gemalto’s bid as hostile and its board of director’s has recommended not selling its securities to Gemalto. The company has called for a shareholder’s meeting on Dec. 8 to discuss Gemalto’s offer.

If Wavecom makes any changes, such as increasing its share capital or paying an exceptional dividend, Gemalto could drop out of the deal, the company states.