Swedish telecommunications firm TeliaSonera AB (TLSNY.PK, 0H6X.L) has acquired 93.2 million shares of TEO LT and boosted its ownership in the company from 68.29 percent in the beginning of May 2012, to 88.15 percent currently, including shares, acquired from East Capital. Total value of the purchases stood at 59.3 million euros.
Following the desal with East Capital to buy 7.87 percent of TEO LT on May 7, the voluntary takeover bid was introduced on June 5 and expired on June 29. The takeover bid price was 0.637 euros per share cash. The company also said that 12.7 million shares were submitted into the offer, 80.4 million shares were purchased in the open market at the same price of 0.637 euros during the period from May 8 to June 29.
Executive Vice President and Chief Financial Officer of TeliaSonera commented, "We succeeded to boost our ownership in TEO LT by almost 20 percentage points. Vast majority of institutional investors have decided to accept our offer and it is obvious, that the role of TEO in the stock exchange will be different henceforth, but we intend to keep the company listed as long as the free-float is reasonable."
The settlement of all sell orders placed into the takeover bid would take place on Wednesday, July 4, 2012.
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