Fintech doubles offer for Iusacell, extends expiration date

By Carlise Newman

Chicago, July 25 - Fintech Mobile Inc. said it has doubled the price in its cash tender offer for Grupo Iusacell, SA de CV.

The prices offered by Fintech are now four times those offered by Movil Access.

Fintech is offering to pay the U.S. dollar equivalent of Ps. 22.84872 per American Depositary Shares and Ps. 0.2284872 per series V share. In the offer to Mexico residents, Fintech Mobile is now offering to pay Ps. 0.2284872 per series A shares or series V share.

Fintech also extended the expiration date of both offers. The U.S. offer and the Mexican offer will now expire at 5.00 p.m. ET on Aug. 28.

Tender offers by Movil Access SA de CV for Iusacell's series V shares, series As and ADSs in the U.S. and Mexico are currently pending.

Affiliates of Verizon and Vodafone, which hold 73.9% of the series V and series A shares, have agreed to tender their shares into the Movil Access offers. This agreement permits the shareholders to withdraw their Iusacell shares and tender the shares into an offer that is superior to the Movil Access offers.

Fintech said on July 24, Verizon and Vodafone again informed it that they would not withdraw their Iusacell shares from the Movil Access offers.

Fintech Mobile is a subsidiary of Fintech Advisory, a Delaware investment management company. Iusacell is a Mexico City-based wireless company.

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