Veon announced it has submitted a mandatory tender offer for the purchase of up to 1.99 billion shares of Global Telecom (GTH), representing 42.31 percent of GTH’s issued shares. The offer is at EGP 7.90 per share.
The mandatory tender offer is still being reviewed by the Egyptian Financial Services Authority. Veon said since the EFSA approval process is still pending, it’s unable to comment further on this matter.
GTH is already majority controlled by Veon. The holding company manages its operations in Algeria (Djezzy), Pakistan (Jazz) and Bangladesh (Banglalink). Veon said it would finance the bid from cash on hand and/or undrawn credit facilities.
The offer price is a premium on GTH's share price of EGP 7.05 before the announcement and the six-month weighted average price of EGP 6.63. The total price if all shares are tendered is EGP 15.7 billion (EUR 767 million).
