America Movil (AMX) has said that it may launch an offer for Dutch operator KPN before the end of October.
The Mexican telco is currently in discussions with KPN’s management and stakeholders to formalise its €2.40 per share offer – €7.2bn…
America Movil (AMX) has said that it may launch an offer for Dutch operator KPN before the end of October.
The Mexican telco is currently in discussions with KPN’s management and stakeholders to formalise its €2.40 per share offer – €7.2bn (US$9.6bn) in total – to acquire the remaining 70% of the Dutch incumbent it does not already own.
AMX said it was making “good progress towards finalising preparations” for an offer, but that it may not proceed with a bid.
At the end of August AMX was thrown a curve ball after a foundation charged with protecting KPN and its stakeholders moved to block the offer by exercising a poison pill, which gave it 50% of the voting rights.
During a subsequent press conference, the foundation called upon the Mexico-based telco to make “fair bid”.
AMX responded to the challenge at the time by saying it stuck by its offer but was prepared to walk away if the foundation maintained its stance.
Meanwhile, KPN shareholders, including AMX, are set to meet on 2 October to vote on the Dutch telco’s planned sale of German unit E-Plus to Telefonica. AMX committed to voting in favour of the deal when Telefonica upped its offer from €8.1bn to €8.5bn.
