PPF has today launched its mandatory takeover offer for Telefonica Czech Republic (Telefonica CR).
PPF, the majority owner of Telefonica CR, offers to pay Kc295.15 (US$14.64) per share.
The acceptance period ends on 30 June 2014 and settlement is…
PPF has today launched its mandatory takeover offer for Telefonica Czech Republic (Telefonica CR).
PPF, the majority owner of Telefonica CR, offers to pay Kc295.15 (US$14.64) per share.
The acceptance period ends on 30 June 2014 and settlement is scheduled for 14 August, PPF said in its offer document published today.
PPF will finance the transaction with funds from its €2.288bn syndicated loan signed last year when the investor acquired a 65.9% stake in the telco from its Spanish parent Telefonica for Kc63.6bn (US$3.15bn).
PPF is required under Czech law to make a mandatory takeover bid for shares held by minority investors. Spanish incumbent Telefonica will retain a 4.9% stake in O2, which is listed on the Prague Stock Exchange, but may sell up to PPF four years after the closing of their deal.
Shares of Telefonica CR traded at Kc293.10 (US$14.54) this morning, given it a market cap of Kc92.2bn (US$4.57bn).
PPF, owned by Czech businessman Petr Kellner, said in the offer document that it “does not intend to actively push for delisting [Telefonica CR] from trading on the regulated markets of the Czech Republic”.
