Telefónica completes tender offer, owns 97.9% of CTC

By Lisa Kerner

Charlotte, N.C., Jan. 7 - Telefónica, SA announced the completion of its tender offers for the outstanding series A and series B shares of common stock and American Depositary Shares of Compania de Telecomunicaciones de Chile SA on Jan. 6.

The offers were made concurrently in Chile and the United States.

According to Telefónica, 7,669,435 shares were tendered in the offer in Chile.

In the United States, a total of 805,894 ADSs, including 3,900 ADSs subject to guarantees of delivery, have been tendered, Telefónica said.

Each ADS represents four series A shares.

Telefónica now owns 97.9% of CTC's outstanding shares. Prior to the tender offer, Telefónica and its affiliates owned 96.75% of CTC, either directly or in the form of ADSs.

Payment for the tendered shares and ADSs will be accepted for payment on Jan. 13, according to a Telefónica news release.

Based in Madrid, Telefónica provides fixed and mobile telephony services through telecommunications networks in Spain, Europe and Latin America. CTC is a Santiago, Chile, telecommunications company.

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