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Telenor ASA Commences Action in Bermuda Seeking Declaratory Judgment on Altimo's Mandatory Tender Offer Allegation in Connection with Acquisition of Shares in Vimpelcom Ltd


Wednesday, 13 Jun 2012 02:02am EDT 

Telenor ASA announced that on June 12, 2012 it filed a claim in the Supreme Court of Bermuda, requesting the Court to declare that Telenor's purchase of 234,000,000 VimpelCom preferred shares on February 15, 2012 from Weather Investments II S.a.r.l. did not trigger the mandatory tender offer requirements in VimpelCom's Bye-laws. Telenor filed its claim following a June 1, 2012 letter from Altimo to VimpelCom in which Altimo alleged that Telenor and Weather Investments violated VimpelCom's bye-laws by forming a group at the time of Telenor's purchase of VimpelCom preferred shares from Weather Investments and then failing to make a tender offer for all of VimpelCom's outstanding shares. VimpelCom said in a June 5, 2012 press statement that its Nominating and Corporate Governance Committee would assess Altimo's allegations and make recommendations to the VimpelCom Supervisory Board as to what action, if any, VimpelCom should take. VimpelCom Ltd., which is incorporated in Bermuda, is the named respondent in Telenor's claim.