América Móvil threatens to withdraw KPN takeover bid:
http://www.satsupreme.com/showthread.php/264863-América-Móvil-threatens-to-withdraw-KPN-takeover-bid?goto=newpost via SatSupreme.com - Satellite TV - Daily Satellite TV News
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Juan Fernandez Gonzalez | 01-09-2013
The situation surrounding América Móvil’s takeover of KPN is becoming more complicated.
The opposition of KPN’s Foundation was clearly stated late on Thursday. The Foundation, which claims to independently represent shareholders’ rights, bought almost 50% of KPN’s voting stock, moving to a defensive position and getting ready to stop the bid.
But now it’s time to move for América Móvil, which announced it’s ready to scrap the takeover bid, if the opposition to the operation keeps up. Because increasing the offer is not in owner Carlos Slim’s plans, according to Reuters. AMX offers €2.4 per share, while €3.2 was paid last year when AMX bought 30% of KPN and some analysts currently value the company at €3 per share.
América Móvil showed its surprise because “from the beginning it has tried to co-operate with KPN and to create value for KPN’s stakeholders” and it only intends to grow, aiming to do the same with KPN.
It even recognised in a release the importance of its intervention in KPN-Telefónica’s negotiation for KPN’s German unit E-Plus and its influence over the final increase of €500 million more than what was initially offered by Spanish operator.
This is why the situation is so tense, according to América Móvil. “In the event that the Foundation maintains its current position and seeks to prevent the offer from proceeding to the detriment of KPN’s customers, employees and shareholders, and also to the detriment of telecommunication services in the Netherlands, América Móvil is prepared to withdraw its offer,” it said.
The situation surrounding América Móvil’s takeover of KPN is becoming more complicated.
The opposition of KPN’s Foundation was clearly stated late on Thursday. The Foundation, which claims to independently represent shareholders’ rights, bought almost 50% of KPN’s voting stock, moving to a defensive position and getting ready to stop the bid.
But now it’s time to move for América Móvil, which announced it’s ready to scrap the takeover bid, if the opposition to the operation keeps up. Because increasing the offer is not in owner Carlos Slim’s plans, according to Reuters. AMX offers €2.4 per share, while €3.2 was paid last year when AMX bought 30% of KPN and some analysts currently value the company at €3 per share.
América Móvil showed its surprise because “from the beginning it has tried to co-operate with KPN and to create value for KPN’s stakeholders” and it only intends to grow, aiming to do the same with KPN.
It even recognised in a release the importance of its intervention in KPN-Telefónica’s negotiation for KPN’s German unit E-Plus and its influence over the final increase of €500 million more than what was initially offered by Spanish operator.
This is why the situation is so tense, according to América Móvil. “In the event that the Foundation maintains its current position and seeks to prevent the offer from proceeding to the detriment of KPN’s customers, employees and shareholders, and also to the detriment of telecommunication services in the Netherlands, América Móvil is prepared to withdraw its offer,” it said.
http://www.satsupreme.com/showthread.php/264863-América-Móvil-threatens-to-withdraw-KPN-takeover-bid?goto=newpost via SatSupreme.com - Satellite TV - Daily Satellite TV News
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