A committee representing Millicom’s board dismissed a revised buyout offer from one of Xavier Niel’s investment companies for significantly undervaluing the operator group, as it remained unmoved from its position advising shareholders to turn the cash down.
Niel’s Atlas Investissement, through subsidiary Atlas LuxCo, increased its original offer to Millicom investors from $24 per share to $25.75 earlier this month. This would value the company at $4.4 billion and constituted what the suitor deemed a compelling price.
Having branded the first bid as too low, the operator group’s independent committee made similar comments about the increased sum.
In a statement on 9 August, Millicom noted the committee continued to believe “even at the revised offer price” it “significantly” undervalues the business, highlighting its original points around valuations based on the “trading multiples” of comparable companies.
It also cited what it deemed strong financial results for Q2, announced after the original approach by Niel’s company.
Atlas Investissement already controls around a 29 per cent share in Millicom, with its offer to buy the remainder scheduled to close on 16 August.
The post Millicom board unimpressed by upped takeover bid appeared first on Mobile World Live.
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