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America Movil to launch takeover bid for KPN
2013-08-09 08:31:00| Telecompaper Headlines
(Telecompaper) America Movil has announced plans to launch a full takeover bid for KPN. It already holds 29.77 percent of the Dutch operator and plans to launch a public bid at EUR 2.40 per share to obtain majority control. The offer is a 35.4 percent premium on KPN's average share price in the past 30 trading days. America Movil said a full takeover of KPN would "facilitate greater operational cooperation and co-ordination between the two companies, to exploit all areas for potential partnerships and to intensify the realization of synergy potential for both companies". The company also commented on KPN's proposed sale of its German uni E-Plus to Telefonica, saying it was still considering how to vote its shares at the EGM on the transaction. According to earlier reports, America Movil's representatives on KPN's supervisory board did not vote in favour of the deal. KPN issued a statement saying only that it acknowledged the bid and its boards would consider the offer from America Movil. The latter said it had already presented the bid to KPN's boards and invited them for further talks.
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Category:Telecommunications