Maxcom mulling bankruptcy as Ventura takeover deal collapses

26 Apr 2013

Alternative Mexican telecoms operator Maxcom Telecomunicaciones is said to be examining operational and financial alternatives, including bankruptcy, following news the collapse of a takeover deal by private equity firm Ventura Capital Privado, Bloomberg reports.

As previously reported by CommsUpdate, in December 2012 it was revealed that Maxcom had approved the MXN764 million (USD59 million) takeover bid; under the terms of Ventura’s proposal it offered to pay MXN2.90 per share for the entire holding in Maxcom, with the operator’s board and investors – which represent 44% of outstanding stock – approving the deal at that date. With Ventura having subsequently launched a public tender for Maxcom’s shares, the telco has now confirmed that only 61.93% of old notes were tendered in a bond exchange, not enough to complete a swap, which was a requirement for an equity offer from Ventura Capital.

Issuing a statement regarding the development, Maxcom said: ‘In light of this outcome, Maxcom is considering all of its alternatives including, but not limited to, commencement of a Chapter 11 case or other restructuring proceeding.’

Mexico, Maxcom