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Wireless

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

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