Millicom confirms buyout proposal from Atlas, says offer undervalues company
27/06/2024 23:36
June 27 (Reuters) - An independent committee of telecom
firm Millicom International Cellular's MICC.F board members
confirmed on Thursday it has been in talks with Atlas
Investissement over a potential buyout, but said the offer
undervalued the company.
French billionaire Xavier Niel's investment vehicle Atlas,
which is the top shareholder of Millicom with a 29% stake
according to a company filing in May, said last month it was
exploring financing options to support an offer price of $24 per
common share for the telecom company.
The independent committee said the offer price would
"significantly undervalue Millicom and not be in the best
interests of Millicom's shareholders".
The committee said it will carefully review any information
disclosed by Atlas in connection with its offer and will issue
its formal recommendation to Millicom's shareholders.
U.S.-listed shares of Millicom TIGO.O , which provides
telecom services in Latin America through its TIGO brand, gained
about 29% this year, giving the company a market value of about
$4 billion as of last close.
(Reporting by Harshita Mary Varghese; Editing by Krishna
Chandra Eluri)
((HarshitaMary.Varghese@thomsonreuters.com;))