CMVM approves Sonaecom's bid for Portugal Telecom; bid to run Jan 16 to Mar 9 |
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Published
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Fri, 12 Jan 2007 18:59
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LISBON (AFX) - Stock market regulator CMVM has approved Sonaecom SGPS' takeover bid for Portugal Telecom SGPS and PT Multimedia SGPS, and said the bid will run from Tuesday until March 9.In a release posted on its web site, the CMVM said the bid results will be announced on March 12.CMVM's decision was widely anticipated by market participants.Sonaecom is offering 9.5 eur per share for Portugal Telecom shares and 9.03 eur per share for PT Multimedia.In a statement released earlier today, PT reiterated that Sonaecom's 13.9 bln eur bid for PT and its PT Multimedia cable network unit does not offer PT's shareholders fair value and does not give a control premium.PT said its shares have a potential standalone value of 12.7 eur per share.jonathan.gleave@thomson.comlm/icCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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CMVM rejects PT's request to block approval of Sonaecom's bid for PTM 