Reacting to America Movil’s (AMX’s) offer to acquire up to 28% in KPN announced earlier, the Dutch telco said in the afternoon AMX’s €8 (US$10.40) per share – or up to €3.2bn (US$4.2bn) – offer “substantially undervalues” the company and…
Reacting to America Movil’s (AMX’s) offer to acquire up to 28% in KPN announced earlier, the Dutch telco said in the afternoon AMX’s €8 (US$10.40) per share – or up to €3.2bn (US$4.2bn) – offer “substantially undervalues” the company and that it will seek further clarification as to the Mexico-listed telecoms group’s intentions.
KPN said in a statement its board will carefully review AMX’s intended partial offer to increase its stake in the company from 4.8% to 28% and, in the meantime, will “explore all strategic options”.
KPN has hired Goldman Sachs and JP Morgan as financial advisers for the matter.
Announcing the intended offer late Monday, AMX said it had informed the Dutch telecoms regulator of its intention to make a partial tender offer in cash for an unspecified number of KPN ordinary shares which would take its total shareholding to up to 28% (full coverage here).
