LONDON-Vodafone announced details of its public offer for the outstanding shares of Portuguese operator Vodafone Telecel that it does not already own. The unconditional offer price is $9.17 for each share.
The acceptance period begins March 3 and expires March 31. Results of the offer will be announced around April 1.
Vodafone’s current shareholding in Telecel is about 61.4 percent and following completion of the offer, if it receives more than 90 percent or the voting rights, Vodafone intends to hold 100 percent of the shares, resulting in the delisting of its shares from the Euronext Lisbon. If Vodafone has not reached more than 90 percent of the voting rights through the offer, it may seek to de-list Telecel shares through alternative means.
Goldman Sachs International is representing Vodafone in the offer.
