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Orange Belgium Offered Final Price Of €22/share By Orange; Stock Down

French telecommunications operator Orange SA (ORAN) Tuesday said it has offered a final price of 22 euros per Orange Belgium SA share. In the morning trading, Orange Belgium shares were trading at 22.15 euros, down 5 percent.

In a statement, Orange said it launched its public takeover bid on April 8 for the shares of Orange Belgium at a price of 22 euros per share.

The company said the price reflects premiums of 36 percent, 48 percent, 49 percent and 38 percent respectively on the last closing price and volume weighted average prices over the last 3 months, 6 months and 12 months preceding the announcement of the deal.

The final price was determined on the basis of a multi-criteria valuation detailed in the prospectus relating to the offer approved by the Belgian Financial Services and Markets Authority or FSMA on March 31.

In accordance with applicable regulations, Degroof Petercam Corporate Finance SA was mandated as independent expert and concluded that the offer price does not disregard the interests of minority shareholders.

With regard to tower infrastructure assets, Orange reaffirms that there is no hidden value. A sale of towers would be assimilated to a simple financial sale-and-lease-back transaction which would reduce Orange Belgium's capacity to create value.

Orange said it neither considers the integration of the consolidated assets of Orange Belgium into its European TowerCo TOTEM nor a sale to a third party.

Orange said it does not intend to change the price of its offer and considers that deal offers all shareholders of Orange Belgium a unique opportunity to monetize their equity interest on attractive terms.

In France, Orange shares were losing around 1.2 percent to trade at 10.22 euros.

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