\tVeon confirmed it submitted an offer to take full ownership of operator group Global Telecom Holding (GTH), less than a year after withdrawing an initial bid following pushback from Egyptian authorities.<\/p>\n
In a statement, Veon said it has applied to make a mandatory tender offer (MTO) to acquire another 42.3 per cent of GTH at EGP5.30 ($0.30) a share, representing a 45.8 per cent premium on the company\u2019s average three month share price up to 7 February.<\/p>\n
Veon’s offer gives the stake a total value of around $600 million.<\/p>\n
The move was expected [1] after Veon submitted a statement last week to the Egyptian Financial Regulatory Authority (FRA), stating it will deposit the MTO within 60 calendar days.<\/p>\n
Veon, which already owns a 55.6 per cent stake in the company, added in a statement the MTO is currently being reviewed by the FRA, and it is waiting on approval.<\/p>\n
Deal collapse
\nThe bid comes around nine months [2] after Veon withdrew a similar offer for the stake in the operator group, citing delays in getting the deal through Egyptian authorities.<\/p>\n
Veon said given the \u201clapse of time and absence of approval\u201d from the FRA, it was withdrawing its offer and did not intend to make another \u201cat this time\u201d.<\/p>\n
GTH operates the Djezzy network in Algeria, Mobilink in Pakistan and Banglalink in Bangladesh.<\/p>\n[1] https:\/\/www.mobileworldlive.com\/featured-content\/top-three\/veon-eyes-control-of-global-telecom-again\/
\n[2] https:\/\/www.mobileworldlive.com\/featured-content\/home-banner\/veon-walks-away-from-global-telecom-holding-bid\/<\/p>\n","protected":false},"excerpt":{"rendered":"
Veon confirmed it submitted an offer to take full ownership of operator group Global Telecom …<\/p>\n
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