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TeliaSonera bids to acquire full control of Lithuania’s TEO

TeliaSonera has launched a voluntary takeover bid to acquire the outstanding shares in Lithuania-based operator TEO LT.

TeliaSonera currently holds 84.6 percent of TEO and has offered €0.637 per share in cash for the remainder, equivalent to €76 million.

Investors willing to sell their shares have until 29 June to do so.

“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,” said TeliaSonera CFO Per-Arne Blomquist.

TeliaSonera said it will continue to buy TEO LT shares in the open market at the same price 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,” added Blomquist.

TEO is Lithuania’s largest operator and owns the country’s biggest call centre provider as well as a data centre business that covers the Baltic region.

In 2011 TEO had revenues of €217 million, the third year of decline in a row.

In a Q&A with European Communications last October, TEO’s chief marketing officer said the company remained the market leader in revenue and profitability.

This is just the latest in a series of moves by TeliaSonera as it attempts to restructure its emerging market portfolio.

Источник: European Communications

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