TeliaSonera´s cash offer for Eesti Telekom will not be implemented
- 2004-06-10 15:05 UTC
TeliaSonera's cash offer for Eesti Telekom will not be implemented
The offer by TeliaSonera AB to purchase all shares of AS Eesti Telekom
not already owned by TeliaSonera, has not been accepted to such extent
that TeliaSonera holds at least 85 percent of the shares in Eesti
Telekom. Therefore the offer will not be implemented.
"Taking into account the relative high valuation of Eesti Telekom, both
in relation to Central and Eastern European incumbents and Western
European incumbents and relative to the company's growth prospects, the
offer price is fair. Increasing the offer price was never an option,
since TeliaSonera is not prepared to overpay", says Kenneth Karlberg,
President, TeliaSonera Norway, Denmark & the Baltics.
The respective account operators and the Estonian Central Register of
Securities will annul the transaction instructions of each accepting
For further information journalists can contact:
Birgitta Grafström, Communications Manager, TeliaSonera Norway, Denmark,
Baltic countries, tel: +46-(0)70-555 00 04
TeliaSonera´s Press Office, tel: +46-(0)8-713 58 30
This press release may not be published, distributed, diffused or
otherwise sent in or into the United States of America (including its
territories and possessions, every State of the United States and the
District of Columbia), Canada, Japan or Australia and it does not
constitute an extension into the United States, Canada, Japan or
Australia of the offer mentioned in this press release.
The offer mentioned in this press release is not being made in the
Republic of Italy and has not been cleared by CONSOB pursuant to Italian
laws and regulations. Accordingly, persons resident in Italy may not
participate in this offer and neither this press release nor any other
material relating to the offer may be distributed or made available in
the Republic of Italy.
This press release does not constitute an offer to buy or the
solicitation of an offer to sell any securities pursuant to the offer
mentioned in this press release or otherwise. This press release must
not be passed on to anybody else.
The full terms and conditions of the offer mentioned in this press
release will be set out in the prospectus detailing this offer to be
published after its approval by the Estonian Financial Supervision
Authority and, in the case of relevant global depositary receipt ("GDR")
holders of AS Eesti Telekom, the instructions which will be made
available by Baltic Tele AB to such GDR holders on how this offer may be
accepted by them. Relevant holders of shares or GDRs of AS Eesti Telekom
may rely only on such prospectus and instructions for all the terms and
conditions of this offer.
The offer mentioned in this press release is directed only at persons
outside the United Kingdom or having professional experience in matters
relating to investments and this offer is available only to and will be
engaged in only with such persons. Persons in the United Kingdom who do
not have professional experience in matters relating to investments
should not rely or act on any information included in this press
The availability of the offer mentioned in this press release may be
affected by the laws of jurisdictions in addition to those mentioned
above and holders of shares or global depositary receipts of AS Eesti
Telekom must inform themselves about and observe any such restrictions.
TeliaSonera is the leading telecommunications company in the Nordic and
Baltic regions. At the end of December 2003 TeliaSonera had 11,957,000
mobile customers (37,610,000 incl associated companies) and 8,061,000
fixed customers (9,160,000 incl associated companies) and 1,631,000
internet customers (1,691,000 incl associated companies). Outside the
home markets TeliaSonera has extensive interests in the growth markets
in Russia, Turkey and Eurasia. TeliaSonera is listed on the Stockholm
Exchange, the Helsinki Exchanges and the Nasdaq Stock Market in the USA.
Pro forma net sales January-December 2003 amounted to SEK 81.7 billion
(EUR 9.01 billion). The number of employees was 26,694.
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