Telefónica begins tender offer for CTC

By Lisa Kerner

Charlotte, N.C., Sept. 17 - Telefónica SA subsidiary Inversiones Telefónica Internacional Holding Ltda. began its tender offer to acquire all outstanding shares of Compañía de Telecomunicaciones de Chile SA simultaneously on the Stock Exchange of Santiago de Chile and on the New York Stock Exchange.

The offer is expected to end on Oct. 16 unless extended, a Telefónica news release said.

As previously reported, each series A share of CTC, a Santiago, Chile, telecommunications company, will be exchanged for 1,000 Chilean pesos. Each series B share will be exchanged for 900 Chilean pesos.

An equivalent offer will be held for American Depositary Receipt holders.

The offer is a premium of 32% for both A and B shares, according to Telefónica.

Telefónica said the transaction would total approximately $985 million if it is accepted by all shareholders.

Based in Madrid, Telefónica provides fixed and mobile telephony services through telecommunications networks in Spain, Europe and Latin America.

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