TeliaSonera controls 88 per cent of TEO LT
- 2012-07-02 07:42 UTC
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The takeover bid is made in accordance with the laws of the Republic of Lithuania and is not subject to any filing with, or approval by, any foreign regulatory authority. TeliaSonera submitted takeover bid application package to the Bank of Lithuania and launched the takeover bid following the approval of the Takeover Bid Circular.
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Following the completion of the voluntary takeover bid and open market purchases, TeliaSonera acquired 93.2 million shares of TEO LT and increased its ownership in the company from 68.29 in the beginning of May, 2012, to 88.15 per cent currently (including shares, acquired from East Capital). Total value of the purchases amounted to EUR 59.3 million.
Following the agreement with East Capital to acquire 7.87 per cent of TEO LT on May 7, the voluntary takeover bid was launched on June 5 and expired on June 29. The takeover bid price was EUR 0.637 per share in cash. 12.7 million shares were submitted into the offer, 80.4 million shares were acquired in the open market at the same price of EUR 0.637 during the period from May 8 to June 29.
“The effort was very successful and it is a significant achievement in implementation of the strategy to increase the ownership in our core holdings. We succeeded to boost our ownership in TEO LT by almost 20 percentage points. Vast majority of institutional investors have decided to accept our offer and it is obvious, that the role of TEO in the stock exchange will be different henceforth, but we intend to keep the company listed as long as the free-float is reasonable”, Per-Arne Blomquist, Executive Vice President and CFO of TeliaSonera, said.
The settlement of all sell orders placed into the takeover bid will take place on Wednesday, July 4, 2012.
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 08,30 A:M. CET on July 2, 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.