MADRID, July 12 (Reuters) - The board of Spanish telecom operator Euskaltel (EKTL.MC) recommended its shareholders accept Masmovil's 1.99 billion euro ($1.18 billion) takeover bid on Monday, saying it was fair from a financial point of view.
The friendly merger would reinforce Masmovil's position as the fourth-largest operator in Spain's crowded telecoms sector.
The non-binding recommendation comes after the Spanish government approved the deal last month. read more
Euskaltel's major shareholders Zegona, Kutxabank and Corporacion Financiera Alba (ALB.MC) - which together own 52.32% of Euskaltel - agreed in March to accept the offer of 11.17 euros per share in cash, a 16.48% premium at the time.
($1 = 0.8422 euros)
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