Telefónica extends U.S. offer for CTC to Friday

By Lisa Kerner

Charlotte, N.C., Oct. 27 - Telefónica SA extended its offer for Compania de Telecomunicaciones de Chile SA in the United States to midnight ET on Friday.

The Chilean offer will expire at 11 p.m. ET on Thursday, a Telefónica news release said.

On Sept. 17, Telefónica subsidiary Inversiones Telefónica Internacional Holding Ltda. began its tender offer for CTC simultaneously on the Stock Exchange of Santiago de Chile and on the New York Stock Exchange.

It was previously reported that Telefónica upped its offer for all outstanding shares of CTC to 1,100 Chilean pesos per series A share from 1,000 Chilean pesos and to 990 Chilean pesos per series B share from 900 Chilean pesos.

In addition, the price per American Depositary Share was increased to 4,400 Chilean pesos from 4,000 Chilean pesos, a prior Telefónica news release said.

The transaction will amount to 575.61 billion Chilean pesos, or approximately $942 million or about €692 million.

CTC will hold an extraordinary meeting of shareholders on Tuesday.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.