France Telecom is to launch a new EUR 560 million cash offer to squeeze out minority shareholders in Orange who have not accepted its all-share bid, the Financial Times reported. The company said that 1.2 percent of Orange's shareholders had rejected France Telecom' all-share offer. They will now receive EUR 9.50 a share in cash when the compulsory buy-out is completed at the end of November. The new cash offer is at the same price at which Orange shares were offered to retail investors at its flotation but below the EUR 10 level paid by institutions. The implied value per share under the 11-for-25 offer from France Telecom is EUR 9.35.
