KPN still considering America Movil offer

Nieuws Algemeen Nederland 12 SEP 2013
KPN still considering America Movil offer
KPN said it's in talks with America Movil on its unsolicited bid for the Dutch operator, but the board has yet to take a position on the offer announced over a month ago. KPN said in a statement that its boards are in "continuous constructive discussions" with America Movil on the proposed bid. The talks cover financial and non-financial matters, including price and terms and conditions, the company said, adding "at this stage the outcome of these discussions is not clear".  

KPN said it was "conducting a thorough process", aimed at considering all its stakeholders' interest, including "safeguarding the vital role of KPN in Dutch society". However, it does not want to divulge any details of the negotiations until a later stage. The statement follows a call from the Dutch shareholders group VEB to take a position on the proposed offer and provide shareholders with more clarity on the company's position. 

America Movil issued a statement in response, saying it remains committed to the offer of EUR 2.40 per share. The company said it was engaged in "constructive dialogues" with KPN. However, it's still considering a response to the move by a private foundation to take a blocking stake in KPN in the name of protecting the Dutch company from the "hostile" bid. This could include a withdrawal of the offer. AMX said it notified the Dutch Financial Markets Authority that for the moment it still intends to make a public bid. 

Categories:

Algemeen

Companies:

KPN,  America Movil

Countries:

Nederland

Tags:

M&A buyouts & divestments

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