Xavier Niel’s Atlas Investissement increased its offer to buy Latin America-focused operator Millicom to $4.4 billion, after an initial proposal was deemed too low by the latter’s board.
In a statement the investment company’s subsidiary Atlas LuxCo explained the open offer to shareholders increased from $24 per share to $25.75. The revision reflects a 7.3 per cent increase over the initial offering, which the suitor claims is a “compelling” price.
Atlas is already Millicom’s largest shareholder with a 29 per cent stake, an investment it built up since 2022.
The revised bid delivers “even more value to [Millicom’s] shareholders”, wrote Atlas, adding the figure is above the highest share price reached in the two years to 22 May, the last day of trading prior to “speculation” around a potential public offer for the operator.
It disclosed its interest in purchasing Millicom on 1 July, noting at the time an aim to expand “the reach and capacity of Millicom’s networks and distribution capabilities to grow its customer base”.
The post Billionaire Niel ups Millicom offer to $4.4B appeared first on Mobile World Live.
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