PPF to offer CZK 295.15 per share to Czech Telefonica shareholders

PRAGUE Wed May 21, 2014 11:11am EDT

PRAGUE May 21 (Reuters) - Investment group PPF said on Wednesday the bid price for a buyout offer of minority shareholders of Telefonica Czech Republic was set at 295.15 crowns per share.

The Czech central bank had earlier approved the offer as the market regulator. PPF said it would not comment further until the offer document was published, which is expected no later than June 3.

PPF has submitted the offer document to Telefonica CR to get a statement from management, it said in a news release.

PPF acquired a 65.9 percent stake in the Czech telecoms company from Spain's Telefonica earlier this year, paying 305.6 crowns per share.

PPF said at the time of the acquisition in January that its buyout price would take into account the deferred payment of part of the purchase price, which represents CZK 50 per share which should be adjusted to its present value.

The stock closed 0.1 percent down at 299.8 on Wednesday, ahead of the news of the approved buyout price. (Reporting by Jason Hovet)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.