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inquisitor (Offline)
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Default 29-07-2013, 23:57

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Originally Posted by rfranzq View Post
The ability to unilaterally cancel such an 'agreement' seems to me to mean that such agreements are meaningless.
I have no idea why they had this standstill agreement at all but I assume that it contained a clause that allowed to cancel it upon certain events such as the sale of a substantial asset.

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Could one bid one-tenth the value or a share for the remaining shares?
No doubt not many would submit them, but the bidder would be happy to get them.
The offered price must be "reasonable", which is defined as the highest price for which the offerer bought shares of the target during the last year and if he bought no shares the average volume-weighted stock exchange price over the last year. There are a couple of exemptions explained here which however does not seem to apply for AMX.
Since AMX has not purchased any additional KPN stocks since at least June 2012 the reasonable price will be based on the average VWAP which I guess will be below € 4.


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Donal (Offline)
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Default 30-07-2013, 11:19

Carlos Slim has been forced to enter a bidding war against Telefonica simply because America Movil and Telefonica are fierce global rivals.

In Mexico, the leaders of the current political consensus intend to significantly weaken Telmex and Telcel, so that competitors like Telefonica can gain a greater share of the Mexican telecoms market. America Movil sees salvation and future company growth in Europe.

In Europe, Telefonica is overburdened by debt and it recognises that America Movil's stake in KPN is a beachhead for Carlos Slim to enter into the wealthy German telecoms market. Telefonica sees salvation and future company growth in Latin America.

Center stage, KPN is playing its endgame. In Germany, limited radio spectrum purchases, limited network expansion and popular "discount" tariffs have maximised E-Plus's market value. Now is the perfect time for KPN to sell E-Plus.

America Movil and Telefonica are starring at each other, eye-to-eye. Both face difficulties raising the cash to buy KPN/E-Plus, and both will try and force an even higher purchase price on the other. The higher the final price, the higher the financial risk for the winning bidder.

Meanwhile, off-stage, AT&T is waiting to eat the corpse of the losing bidder. A heavily indebted Telefonica needs E-Plus to divert the unwelcomed attention of AT&T. And a diminished America Movil needs more than a toe-hold in Europe to divert AT&T's attention.

Final bids please! This is the last chance to bid for E-Plus, and to escape from AT&T!
   
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