Euskaltel's board recommends accepting Masmovil's takeover bid

Corporacion Financiera Alba SA

12/07/2021 13:09

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.
 urn:newsml:reuters.com:*:nL5N2NZ0SB  urn:newsml:reuters.com:*:nL8N2LQ0HL
    The non-binding recommendation comes after the Spanish
government approved the deal last month.  urn:newsml:reuters.com:*:nL5N2O534I
    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)

 (Reporting by Emma Pinedo; Editing by Nathan Allen)
 ((emma.pinedo@thomsonreuters.com; +918 35 68 34;))