TeliaSonera launches cash offer for the outstanding shares in TEO LT
- 2012-06-05 06:30 UTC
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The takeover bid will be made in accordance with the laws of the Republic of Lithuania and will not be subject to any filing with, or approval by, any foreign regulatory authority. TeliaSonera submitted takeover bid application package to the Bank of Lithuania and launches the takeover bid following the approval of the Takeover Bid Circular.
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TeliaSonera today launched a voluntary takeover bid to acquire the outstanding shares in TEO LT for the price of EUR 0.637 per share in cash. Including open market transactions since May 8, TeliaSonera now holds 84.6 percent of TEO LT.
The total value of the offer amounts to EUR 76 million. The takeover bid is not conditional and has no minimum threshold of shares acquired.
“We are consistent in our promises and all shareholders now have equal opportunities to sell their shares in TEO LT at the same price as East Capital did on May 7,” says Per-Arne Blomquist, Executive Vice President and CFO of TeliaSonera.
The subscription period starts today, June 5, 2012. Investors who would like to sell their shares are requested to deliver their acceptance via bank or broker by no later than June 29, 2012, 3 P.M. local time. TeliaSonera will unconditionally accept all sell orders received by that date and the settlement will take place on July 4, 2012.
“The period for assessing the offer is relatively short, but it is fairly enough time for all shareholders to take advantage of this attractive window of opportunity,” continues Per-Arne Blomquist.
TeliaSonera will also continue buying TEO LT shares in the open market at the same price of EUR 0.637 per share during the takeover bid period.
“We will consider all options when the offer will be finalized, but we intend to keep TEO LT listed as long as there is a reasonable free float,” concludes Per-Arne Blomquist.
TeliaSonera AB discloses the information provided herein pursuant to the Swedish Securities Markets Act and/or the Swedish Financial Instrument Trading Act. The information was submitted for publication at 8.30 A:M. CET on June 5, 2012.
For more information, please call the TeliaSonera press office + 46-771 77 58 30, email@example.com
Statements made in the press release relating to future status or circumstances, including future performance and other trend projections are forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There can be no assurance that actual results will not differ materially from those expressed or implied by these forward-looking statements due to many factors, many of which are outside the control of TeliaSonera.