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Orascom Telecom rejects Altimo buy-out offer
2013-05-15 08:54:00| Telecompaper Headlines
(Telecompaper) Egypt's Orascom Telecom announced that its board of directors has recommended shareholders reject an offer from Russian investor Altimo to buy out the mobile company for USD 0.70 a share. Independent financial adviser HC Securities and Investments put the fair value of Orascom's shares higher, at USD 0.86 per share, the company said. Altimo made the offer which values all of Orascom at USD 3.7 billion in early April. Altimo already has a 47.85 percent voting interest in Orascom's controlling shareholder Vimpelcom. Representatives of Vimpelcom, which owns 52.92 percent of Orascom Telecom, did not vote on the board's opinion of the bid. Vimpelcom said separately that it does not plan to tender its Orascom shares to Altimo under the current terms of the offer.
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Category:Telecommunications