Carlos Slim’s America Movil (AMX) has easily achieved its target 27.7% shareholding in KPN, with investors owning 39.66% of the Dutch telco’s issued and outstanding shares accepting its €8 per share tender offer.
The Mexican telecoms group owned…
Carlos Slim’s America Movil (AMX) has easily achieved its target 27.7% shareholding in KPN, with investors owning 39.66% of the Dutch telco’s issued and outstanding shares accepting its €8 per share tender offer.
The Mexican telecoms group owned an approximate 24.91% stake in KPN when the tender period closed yesterday (27 June), meaning that, under the terms of its offer, it can acquire an extra 2.82%.
Shares tendered above this threshold will be scaled down in accordance with AMX’s offer memorandum, the company said in a statement.
“Consequently, upon declaring the offer unconditional, [AMX] will accept approximately 7.11% of all shares tendered under the offer.”
The offer is set to be declared unconditional within two business days.
The news confirms KPN has lost the battle to prevent AMX from gaining a significant influence over the company. The Dutch telco had advised shareholders not to accept it, arguing €8 per share undervalued the company, although the outcome shows they disagreed.
