May 27, 2014 / 4:25 PM / in 4 years

Telekom Austria boards neutral on America Movil bid

VIENNA, May 27 (Reuters) - 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)

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