Czech investment group PPF has announced that acting through its PPF Telco subsidiary, it has agreed to acquire more than 19.353 million shares in Czech telecoms group O2 Czech Republic, thereby increasing its stake in O2 CR from 83.58% to 90.01%. In a press release, Netherlands-based PPF said that having reached a 90% threshold it will now look to ‘initiate a squeeze-out procedure of the remaining holders in O2 CR through a mandatory tender offer for the shares in the telecommunications operator held by these remaining minority shareholders’. PPF Telco’s acquisition of the Czech telco’s share capital was carried out through a reverse accelerated book building process for a maximum price of CZK264 (USD12.4) per share. It was the first transaction of this type carried out on the Czech capital market, PPF said. PPF Banka has been appointed as the sole bookrunner for the mandatory tender. It will then delist O2 CR from the Prague bourse.