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Altimo Holdings & Investments Limited's Baskindale Limited Announces Offer For Shares Of Orascom Telecom Holding SAE


Tuesday, 28 May 2013 02:00am EDT 

Baskindale Limited (the Offeror), a wholly owned subsidiary of Altimo Holdings & Investments Limited (Altimo), announced the results of the mandatory share offer (the Mandatory Share Offer) to acquire all outstanding ordinary shares (the Shares) of Orascom Telecom Holding, S.A.E. (Orascom Telecom Holding) pursuant to the mandatory share offer document dated April 16, 2013 issued by the Offeror (the Mandatory Share Offer Document) and the memorandum of procedures related to Shares represented by Global Depositary Shares (GDSs) dated April 16, 2013 issued by the Offeror (the GDS Memorandum). The Offeror announces the tender of 834,454,795 Shares (in the form of Shares and Shares represented by GDSs), representing 16% of the total number of outstanding ordinary shares of Orascom Telecom Holding, or 33% of the free float (excluding Shares held by VimpelCom Ltd or its subsidiaries). At an offer price of USD0.70 per share, this equates to a total purchase price of approximately USD585 million. Notwithstanding that the tenders under the Mandatory Share Offer have not met the minimum acceptance condition of 26.16%, the Offeror would like to proceed with the purchase of those Shares tendered and has accordingly applied to the Egyptian Financial Services Authority for consent to proceed. 

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