Vivo makes offer for remaining Telemig shares

9 Apr 2008

Vivo announced yesterday that it has made a public tender offer to acquire the outstanding shares of Telemig Celular. The country’s largest cellco by subscribers revealed that the bid for the shares it doesn’t already own includes a 25% premium over the average trading price before the first acquisition announcement in August 2007. That month Vivo made an offer to buy a controlling stake in Telemig, a deal which it formally completed last week. The acquisition of Telemig allows Vivo to extend its coverage to Minas Gerais, where Telemig had almost four million subscribers at the end of 2007, according to TeleGeography’s GlobalComms database.

Brazil, Telemig Celular