Orange reopened its offer to buy outstanding shares in its Belgian unit after securing less than half of the equity targeted in its initial bid, as outspoken stakeholder Polygon Global Partners reiterated a refusal to sell at the current price.
In a stock market announcement, the operator group said its initial tender offer [1] had secured more than 46 per cent of the shares targeted by the end of the offer period (23 April). This takes its stake in Orange Belgium, including the majority share it already owned, to almost 75 per cent.
The company has now reopened the offer on the same terms until 4 May in an attempt to acquire the remainder.
However, in a statement vocal opponent of the deal Polygon pledged to stand-by its refusal to sell its 5.29 per cent, again labelling the €22 per share bid as “derisory” [2].
Among its many criticisms of the offer are claims the price has been depressed by the Covid-19 (coronavirus) pandemic; doesn’t include value related to tower assets; and reflects concerns about a potential new entrant into the Belgian market.
Polygon noted without its stake, Orange would be unable to meet the 95 per cent needed to “forcibly acquire the shares it does not own at the end of the reopened offer”, adding it expected fellow minority investors to share its view.
Orange previously defended its bid against Polygon’s scathing criticisms, claiming it was an attractive one which did not disregard interests of minority shareholders. It has also publicly refused to budge on the price.
[1] https://www.mobileworldlive.com/featured-content/home-banner/orange-preps-belgium-buyout-splashes-tax-refund-cash
[2] https://www.mobileworldlive.com/featured-content/home-banner/orange-wont-budge-on-belgium-buyout
![\"IT電腦補習](\"http://itteacheritfreelance.hk/test/wordpress/wp-content/uploads/2016/05/logo2-2.png\"){kind=logo}
www.itsec.hk
www.itsec.vip
www.itseceu.uk
Leave a Reply