Grupo MASMOVIL has confirmed press reports linking it with a bid for regional Spanish operator Euskaltel. A press release issued by the company notes: ‘Grupo MASMOVIL … today announces the launch of a takeover bid (oferta publica de adquisicion [OPA]) through Kaixo Telecom, a company wholly owned by MASMOVIL Ibercom, of 100% of the shares of Euskaltel.’
Euskaltel’s three largest shareholders, Zegona Communications, Kutxabank and Alba Europe – who collectively hold 52.32% of the company’s shares – have already accepted the takeover proposal. MASMOVIL notes that the offer is conditional on it achieving acceptance from at least 75% (plus one share) of the shareholders, and to obtain all of the relevant competition authorisations and regulatory requirements.
As previously suggested, MASMOVIL has offered EUR11.17 (USD13.15) per share for Euskaltel, which it says represents a 26.8% premium compared to the weighted average price per share during the last six months. Consequently, the group says the takeover fee will total EUR2 billion.