Orange Group has formally denied Spanish press reports linking it with a rival EUR26 (USD29.3) per share takeover bid for alternative operator Grupo MASMOVIL. Reuters quotes an official statement from the French group as saying: ‘Orange is not contemplating a counter-offer for Grupo MASMOVIL. Orange has a privileged position in the telco sector in Spain and has the support of the Orange Group to continue growing organically in the country.’
As previously reported by TeleGeography’s CommsUpdate, late last month MASMOVIL received a takeover bid from Lorca Telecom Bidco, a company indirectly owned by funds advised by Providence, Cinven and KKR. The deal – which was welcomed by the telco’s board of directors, as well as by CEO Meinrad Spenger – values MASMOVIL at EUR2.96 billion, or EUR22.50 in cash per share.