Canadian wireless modem company Sierra Wireless has proposed to acquire French embedded M2M technology specialist Wavecom in a friendly all-cash offer of €8.50 per share, reports Telecompaper. Since early October, Wavecom has been in the throes of a hostile takeover bid from Gemalto. Founders of Wavecom, representing 21 percent of the company’s shares outstanding, have committed to tender all their shares to the Sierra bid.