Orascom Telecom rejects Altimo buy-out offer

Wednesday 15 May 2013 | 08:54 CET | News
Egypt's Orascom Telecom announced that its board of directors has recommended shareholders reject an offer from Russian investor Altimo to buy out the mobile company for USD 0.70 a share. Independent financial adviser HC Securities and Investments put the fair value of Orascom's shares higher, at USD 0.86 per share, the company said. Altimo made the offer which values all of Orascom at USD 3.7 billion in early April. Altimo already has a 47.85 percent voting interest in Orascom's controlling shareholder Vimpelcom. Representatives of Vimpelcom, which owns 52.92 percent of Orascom Telecom, did

Thank you for visiting Telecompaper

Sign up below to get access to the rest of this article and all the telecom news you need.

  • Register free and gain access to even more articles from Telecompaper. Register here
  • Subscribe and get unlimited access to Telecompaper’s full coverage, with a customised choice of news, commentary, research and alerts.


Already registered?

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Categories: Mobile & Wireless
Companies: Altimo / Orascom Telecom
Countries: World
::: add a comment

Add comment

We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the Telecompaper website, they in no way represent the opinion of Telecompaper.


Vimpelcom results under pressure from regulation, forex

Published 07 Aug 2013 09:10 CET | World
Vimpelcom reported second-quarter revenues stable and a small drop in EBITDA, as growth in its home market Russia was offset by a ...

Orascom Telecom shares drop after Altimo bid failure

Published 04 Jun 2013 18:54 CET | World
Shares in Egypt's Orascom Telecom saw its strongest fall in the past six months following an announcement made by Altimo's ...

Altimo rules out new Orascom Telecom buy-out offer

Published 03 Jun 2013 14:33 CET | Russian Federation
Russian operator Altimo said it had no plans to launch a new offer to buy out minority shareholders in Orascom Telecom, after ...

Orascom Telecom posts Q1 loss, revenues down 5.6%

Published 16 May 2013 10:35 CET | World
Orascom Telecom's first-quarter revenues reached USD 849 million, down 5.6 percent from a year earlier due to negative regulatory ...

Telecom Egypt Q1 revenue up 1.4% to EGP 2.72 billion

Published 15 May 2013 11:23 CET | Egypt
Telecom Egypt (TE) posted a 1.4 percent increase in its first quarter consolidated revenues to EGP 2.72 billion from EGP 2.68 ...

Vimpelcom Q1 revenues flat on weak Italian market

Published 15 May 2013 09:58 CET | World
Vimpelcom reported flat revenues for the first quarter, hurt by weaker results in its second-largest market Italy and negative ...

Altimo files Orascom Telecom buy-out offer

Published 17 Apr 2013 09:06 CET | World
Russian investment company Altimo has launched its offer to buy out minority shareholders in Orascom Telecom. Orascom Telecom is ...

Altimo offers to buy rest of Orascom Telecom

Published 01 Apr 2013 08:31 CET | World
Russian investment company Altimo has made an offer to buy the shares it does not already own in Egypt-based international mobile ...