MásMóvil makes Euskaltel bid

The Spanish telecoms sector looks set for further consolidation with the news that fourth-ranked operator MásMóvil has made a friendly takeover bid for Basque regional telco Euskaltel of some €2 billion.

In a statement to the Comisión Nacional del Mercado de Valores (CNMV), Spain’s stock market regulator, MásMóvil said that it had the agreement of shareholders who hold 52.32 per cent of the capital for the bid, which would see it pay €11.17 per share in cash, a premium of 26.8 per cent on the average price of the shares over the past six months, and a 16.48 per cent premium compared with Friday’s closing price.

Source: MásMóvil makes Euskaltel bid