Vodafone Libertel
Enviado: 7/2/2003 14:10UPDATE 1-Libertel ends talks with Vodafone
Fri February 7, 2003 07:51 AM ET
(Adds details, Vodafone, CEO comment, background)
AMSTERDAM/LONDON, Feb 7 (Reuters) - Europe's largest mobile phone operator Vodafone Group Plc VOD.L said on Friday it may withdraw an 11 euro per share buyout offer for Vodafone Libertel after its Dutch subsidiary chose not to recommend the bid.
Talks between the parent and subsidiary about raising the 771 million euro buyout of the 22 percent Vodafone does not already own had broken down.
Shares in Libertel, trading around 11 euros for weeks since Vodafone made its indicative offer, fell almost five percent to 10.33 euros after Vodafone said the offer might be withdrawn.
Vodafone Libertel said in a statement that it would not recommend the British group's bid for its outstanding shares.
But although Vodafone Libertel's management and supervisory boards had hoped for a higher offer, they said they would be prepared to facilitate the 11 euro bid and fully co-operate with Vodafone in the offer.
Vodafone Chief Executive Chris Gent said the company would examine its options.
"They are not recommending (the offer), so we are mow giving some thought to what to do," Gent told reporters at a Ferrari Formula One event in the northern Italian city Maranello.
Vodafone owns 78 percent of Vodafone Libertel already and has said that it was talking to the Vodafone Libertel board about a possible offer, and said earlier this week that there was no certainty that it would make any bid for outstanding shares.
Clearly Vodafone already controls Libertel but the cellphone giant is on a drive to mop up outstanding minority stakes in some of its assets in an attempt to simplify its structure.
"The negotiations with Vodafone on an improved offer have not been successful and have concluded," Vodafone Libertel said in a statement.
"Today, the Boards have informed Vodafone that they are of the opinion that the indicated offer price... does not adequately reflect the value of Vodafone Libertel and its business, which is supported by the advice of their financial advisor ABN AMRO," Vodafone Libertel said. (Additional reporting by Braden Reddall in London and Jane Barrett in Milan)
Fri February 7, 2003 07:51 AM ET
(Adds details, Vodafone, CEO comment, background)
AMSTERDAM/LONDON, Feb 7 (Reuters) - Europe's largest mobile phone operator Vodafone Group Plc VOD.L said on Friday it may withdraw an 11 euro per share buyout offer for Vodafone Libertel after its Dutch subsidiary chose not to recommend the bid.
Talks between the parent and subsidiary about raising the 771 million euro buyout of the 22 percent Vodafone does not already own had broken down.
Shares in Libertel, trading around 11 euros for weeks since Vodafone made its indicative offer, fell almost five percent to 10.33 euros after Vodafone said the offer might be withdrawn.
Vodafone Libertel said in a statement that it would not recommend the British group's bid for its outstanding shares.
But although Vodafone Libertel's management and supervisory boards had hoped for a higher offer, they said they would be prepared to facilitate the 11 euro bid and fully co-operate with Vodafone in the offer.
Vodafone Chief Executive Chris Gent said the company would examine its options.
"They are not recommending (the offer), so we are mow giving some thought to what to do," Gent told reporters at a Ferrari Formula One event in the northern Italian city Maranello.
Vodafone owns 78 percent of Vodafone Libertel already and has said that it was talking to the Vodafone Libertel board about a possible offer, and said earlier this week that there was no certainty that it would make any bid for outstanding shares.
Clearly Vodafone already controls Libertel but the cellphone giant is on a drive to mop up outstanding minority stakes in some of its assets in an attempt to simplify its structure.
"The negotiations with Vodafone on an improved offer have not been successful and have concluded," Vodafone Libertel said in a statement.
"Today, the Boards have informed Vodafone that they are of the opinion that the indicated offer price... does not adequately reflect the value of Vodafone Libertel and its business, which is supported by the advice of their financial advisor ABN AMRO," Vodafone Libertel said. (Additional reporting by Braden Reddall in London and Jane Barrett in Milan)