Investment group PPF’s mandatory tender offer to minority shareholders in O2 Czech Republic has not generated enough acceptances to require it to proceed with an additional takeover bid.
Petr Kellner’s PPF closed its Kc63.6bn (US$3.32bn) acquisition…
Investment group PPF’s mandatory tender offer to minority shareholders in O2 Czech Republic has not generated enough acceptances to require it to proceed with an additional takeover bid.
Petr Kellner’s PPF closed its Kc63.6bn (US$3.32bn) acquisition of a 65.9% stake in O2 from Spain’s Telefonica in January and launched the mandatory tender offer, as required under Czech law, on 2 June. PPF offered Kc295.15 (US$14.64) per share and investors had until the end of June to accept.
PPF announced today that “it has not reached the statutory threshold of shares to oblige it to make an additional offer for the remaining shares …”
The exact number of shares acquired in the tender and PPF’s exact stake in O2 will be disclosed after all acceptance notices have been evaluated.
Settlement is expected to take place on 14 August and PPF “does not intend to actively push for delisting [O2] from trading on the regulated markets of the Czech Republic”.
Under the deal with Telefonica, the Spanish incumbent 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 closing.
