TeliaSonera has launched a voluntary takeover bid for the outstanding shares in Lithuania’s incumbent fixed line operator TEO LT for EUR0.637 (USD0.79) per share in cash, equivalent to a total value of EUR76 million, the Sweden-based telecoms group announced in a press release. The company said that the takeover bid is not conditional and has no minimum threshold of shares acquired. The subscription period commenced on 5 June 2012; investors wishing to sell their shares are requested to deliver their acceptance via bank or broker by 3pm local time on 29 June 2012. TeliaSonera will unconditionally accept all sell orders received by that date and the settlement will take place on 24 July 2012. TeliaSonera will also continue buying TEO LT shares in the open market at the same price of EUR0.637 per share during the takeover bid period. ‘We are consistent in our promises and all shareholders now have equal opportunities to sell their shares in TEO LT at the same price as East Capital did on 7 May,’ said Per-Arne Blomquist, executive vice president and CFO of TeliaSonera. Last month TeliaSonera agreed to purchase a 7.87% stake in TEO LT, thereby lifting its total ownership in the company from 68.29% to 76.16%. TeliaSonera acquired the shares from East Capital for EUR0.637 per share, equivalent to a total cash consideration of EUR38.9 million. Including open market transactions since 8 May, TeliaSonera now holds 84.6% of TEO LT.