Venezuela looks to buy remaining shares of CANTV

By Lisa Kerner

Charlotte, N.C., Feb. 18 - The Bolivarian Republic of Venezuela said that within approximately 30 days it will begin its previously announced offer to acquire the outstanding class D common shares and American Depositary Shares of Compania Anonima Nacional Telefonos de Venezuela (CANTV).

The offer will be conducted as two separate, but concurrent, tender offers, a republic news release said.

According to the republic, in Venezuela it will offer to purchase all outstanding class D shares it does not already own for the equivalent of $1.61 per share, payable in Bolivars.

In the United States, the republic will offer to purchase all outstanding ADSs it does not already own for $11.27 per ADS.

Holders of CANTV's class C shares will be able to participate in the offer by converting their class C shares into class D shares.

CANTV is a Venezuelan telephone company.

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