America Movil (AMX) has announced its second stake increase in Dutch telco KPN this week. Since the beginning of the week, AMX has boosted its stake in the Dutch incumbent from 5.01% to 7.86% stake.
In three separate transactions on Tuesday (12…
America Movil (AMX) has announced its second stake increase in Dutch telco KPN this week. Since the beginning of the week, AMX has boosted its stake in the Dutch incumbent from 5.01% to 7.86% stake.
In three separate transactions on Tuesday (12 June), AMX paid less than it is offering KPN shareholders in its €8 per share tender offer to acquire up to 27.7% in KPN; specifically €7.80 per ordinary share in a transaction involving 1.7million shares and €7.85 per ordinary share in transactions involving 5.8 million and 500,000 shares.
Earlier in the week, AMX already acquired an extra six million ordinary KPN shares in four transactions outside regular market trading, paying €7.80 per ordinary share.
Arguing AMX’ offer undervalues the company, KPN has urged shareholders to reject it, saying its board is evaluating “strategic options” for the business, including its comparatively well-performing units in Belgium and Germany, BASE and E-Plus.
