Telefónica offer OK’d

21 Jul 2005

The Czech Republic’s Securities and Exchange Commission has cleared Telefónica’s buyout offer to minority shareholders of Cesky Telecom. The Spanish telco acquired the state’s 51.1% stake for EUR2.7 billion in May and was required to make an offer to existing investors. Its valuation of CZK456 per share had been criticised by some shareholders as being too low.

Czech Republic, O2 Czech Republic (incl. CETIN), Telefonica