All members of the Board of Directors at Spanish regional operator Euskaltel announced their respective resignations on 10 August, citing the ‘positive outcome’ of the takeover bid by Grupo MASMOVIL and its Kaixo Telecom unit. Previously, on 6 August Euskaltel confirmed that shareholders holding 174,485,075 shares, or 97.67% of the shares to which the takeover bid was addressed, had accepted the buyout offer.
Going forward, the National Securities Market Commission (Comision Nacional del Mercado de Valores, CNMV) has agreed to suspend the trading of Euskaltel shares after the stock market closes on 17 August. The forced sale of the remaining shares – or squeeze-out – will then take place on 27 August.
As previously reported by CommsUpdate, the 100% takeover of Euskaltel involves the buyout of 178.645 million shares, which are priced at EUR11 (USD13) per share, for a total takeover fee of EUR1.965 billion. The deal was agreed in March this year.