Czech investment firm PPF has launched a voluntary public buyout offer for shares in O2 Czech Republic and its recently spun-off infrastructure business CETIN.
PPF, owned by local billionaire Petr Kellner, is offering O2 CR shareholders Kc78…
Czech investment firm PPF has launched a voluntary public buyout offer for shares in O2 Czech Republic and its recently spun-off infrastructure business CETIN.
PPF, owned by local billionaire Petr Kellner, is offering O2 CR shareholders Kc78 (US$3.21) per share and CETIN shareholders Kc176 (US$7.24) per share. PPF currently had majority stakes in both companies.
The combined offer price of Kc254 (US$10.45) per share is more than Kc76 higher than O2 CR’s trading price on the Prague Stock Exchange before the spinoff took effect at the end of May, PPF said.
Shareholders have until 13 July to respond to the Netherlands-based investment firm’s proposal.
PPF banka is managing the share buyout.
Earlier this month, PPF said it was seeking a Kc32.3bn (US$1.29bn) loan from CETIN to repay the bank loan it took out to buy a majority stake in O2 CR from Telefonica. It initially bought a 65.9% stake for US$3.4bn in January 2014 and has since upped its ownership to 84.7%.
