A shareholder in the Czech telco Cesky Telecom says new owner Telefónica has offered too low a price to buy out minority investors. The Spanish firm recently paid EUR2.7 billion to acquire the Czech government’s 51.1% stake in Cesky Telecom and under local law is required to make a buyout offer to minority shareholders. However, Cyprus-based group Netla Management, which holds an undisclosed stake in the Czech telco, says Telefónica’s bid is 10% to 20% below the real value. Telefónica is offering CZK456 per share, but Netla says the real value is above the CZK502 per share the Spanish firm paid the government to acquire its majority interest. According to Dow Jones Newswires, Netla says analyst valuations of the true price range from CZK508 to CZK538.