Masmovil chief rubbishes prospect of Vodafone deal

Masmovil CEO Meinrad Spenger (pictured) dismissed speculation of an acquisition attempt [1] by Vodafone Group, describing the rumours as more bluff than reality during an interview with Spanish business newspaper Expansion.

Spenger emphasised the operator was not in discussions with Vodafone, adding a bid from the UK-based group would be “not only unlikely, but incompatible with compliance rules of a multinational”.

Rumours Vodafone was planning a shock swoop on Masmovil appeared in media during an ongoing takeover of the Spanish challenger operator by consortium Lorca Telecom Bidco, and a week after the original offer received the backing of 86 per cent of shareholders [2].

The buyout by Lorca Telecom Bidco had attracted criticism from some shareholders, which slammed the amount being paid and questioned some of the corporate actions [3] that led to the Masmovil board backing the offer.

One of the detractors, Polygon Global Partners, is still fighting and last week launched a legal appeal [4] against the deal’s clearance.

Spenger told Expansion it “cannot be” that Vodafone turned down the opportunity for a counter bid before the takeover of Masmovil was formally put to shareholders, and then would be willing to buy for a much higher price two weeks later.

Despite Masmovil being bought out by an investment consortium rather than a rival operator, the executive noted consolidation in the Spanish telecommunications market was a necessity going forward and would be beneficial for the country.

[1] https://www.mobileworldlive.com/featured-content/home-banner/vodafone-looks-to-pounce-on-masmovil
[2] https://www.mobileworldlive.com/featured-content/top-three/masmovil-buyout-backed-by-majority-of-shareholders
[3] https://www.mobileworldlive.com/featured-content/top-three/masmovil-investor-renews-hostility-to-takeover-bid
[4] https://www.mobileworldlive.com/featured-content/top-three/masmovil-investor-appeals-takeover-clearance

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