Swedish incumbent TeliaSonera announced on yesterday that it had received a preliminary acceptance level of 97.9% for its SEK10bn (E1.13bn) repurchase offer.
The group unveiled plans back in February to allow shareholders the right to sell every 28th…
Swedish incumbent TeliaSonera announced on yesterday that it had received a preliminary acceptance level of 97.9% for its SEK10bn (E1.13bn) repurchase offer.
The group unveiled plans back in February to allow shareholders the right to sell every 28th share for SEK62 (E7).
According to TeliaSonera, this price represents a 15.5% premium compared with the stock’s volume-weighted average value between 19 January and 17 February.
A maximum of 160,373,471 shares, or approximately 3.6% of all shares issued by the company, were subject to the repurchase.
TeliaSonera president and CEO Lars Nyberg said: “Thanks to TeliaSonera’s strong cash flows and financial position, we have been able to return approximately SEK10 billion to our shareholders.
“We are very pleased to be able to make this capital distribution and with the great interest shown for the repurchase offer. With the selected solution we are able to make sure that the value of the offer is realised also for passive shareholders.”
The group expects to announce the final number of shares repurchased around 5 April. Shareholders who participated in the offer are likely to be paid 19-20 April, the company added.
Nordea is managing the sale.
TeliaSonera recorded flat year-on-year EBITDA, excluding non-recurring items, of SEK9bn (E1bn) for the three months to the end of December. Q4 2010 revenue was also unchanged year-on-year at SEK27bn (E3bn).
