VIENNA May 27 The management and supervisory
boards of Telekom Austria said on Tuesday they had
decided to give no recommendation for or against America Movil's
up to $2 billion offer for its outstanding shares.
The management board said the offer price of 7.15 euros per
share was within its valuation range, although based on its own
planning assumptions the enterprise value per share was higher
than the offer price.
It said a key assumption of its business plan was a
sustained market recovery in its core markets of Austria,
Bulgaria and Croatia, but that if such recovery was slightly
delayed, the enterprise value was lower than the offer price.
"This results in a valuation range: the offer price of 7.15
euros per share is within this valuation range," it said.
The supervisory board said it agreed and adopted the
statement of the management board.
(Reporting by Georgina Prodhan; Editing by Michael Shields)