Versatel bid opened

Tele2 has officially launched its takeover bid for the Dutch-based fixed line operator Versatel, but has added that it could still alter some of the conditions of the EUR1.34 billion deal. Tele2 is sticking with its original offer price of EUR2.20 per share, despite protests from some Versatel shareholders that it undervalues the company. Tele2 says it will delist Versatel’s shares if its bid is accepted by 95% of shareholders. If it does not attain this level of support, however, it has a number of alternatives. Per Borgklint, head of Tele2 in the Netherlands, told Dow Jones Newswires: “We can extend the period, opt for a legal merger, or we can withdraw our offer altogether,” but went on to state that “We are confident the offer will succeed.” Borgklint claims Tele2 will not consider raising its offer price. The offer is open until 7 October. Versatel operates in the Netherlands, Belgium and Germany, but Tele2 plans to sell on the German operations to Apax Partners once the takeover is completed.