KPN says America Movil bid too low

Nieuws Algemeen Nederland 8 MAY 2012
KPN says America Movil bid too low
America Movil's offer of EUR 8 per share for an increased stake in KPN "substantially undervalues" the Dutch company, KPN said. In its first full reaction to the offer, KPN said it will seek further clarification as to America Movil's intentions. The Mexican company announced overnight plans to launch a public bid to increase its 4.8 percent stake in KPN to 28 percent. The offer of EUR 8 per share is around 24 percent higher than KPN's last share price before the announcement but well below a peak of around EUR 12 last year. KPN said its management and supervisory boards will review the offer, and in the meantime, KPN will "explore all strategic options". The Dutch operator hired Goldman Sachs and JP Morgan as financial advisors and Allen & Overy as legal counsel.

Categories:

Algemeen

Companies:

KPN,  America Movil

Countries:

Nederland

Tags:

Voice services, Corporate strategy, M&A buyouts & divestments

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