Millicom’s Board of Directors has rejected Atlas Luxco’s revised $25.75 per share offer, stating it still undervalues the company. The board pointed to Millicom’s improved performance and standard valuation metrics, suggesting the bid is too low. Concerns over the impact on employees were also highlighted.
Millicom’s board has urged shareholders to reject Atlas Investissement’s buyout offer, deeming it undervalues the company. Atlas, holding 29% of Millicom, proposed purchasing the remaining shares for $24 each. Millicom, a leader in Latin American telecommunications, believes its financial outlook and long-term potential far exceed the offered price.
Xavier Niel’s Atlas Investissement has proposed a $4.1 billion buyout of Millicom, a key telecom player in Latin America under the Tigo brand. Despite a rejected offer, Atlas aims to enhance Millicom’s network and distribution. Leveraging expertise from its 29% stake, Atlas seeks to drive growth and expand 4G services in rural regions.
Xavier Neil, the French telecom magnate, is seeking financing to acquire the remaining 80% of Latin American telecom group Millicom through his investment vehicle, Atlas. The move was disclosed after media reports surfaced, prompting an official statement from Atlas Investissement. The statement confirmed that Atlas is exploring a cash tender offer for Millicom, aiming for a purchase price of $24 per share.
In a bold move, Millicom is widening its synergies with Harmonic, specifically leveraging Harmonic’s advanced cOS broadband technology to expand high-speed internet access across nine Latin American countries. This strategic advancement is enabled by the enhancement of existing nodes using Harmonic’s hybrid fibre-cable technology.
Millicom, a Luxembourg-based international telecommunications and media company, has announced it has signed agreements to sell its operations in Tanzania and its stake in the AirtelTigo joint venture in Ghana. The concluding deals will complete Millicom’s prolonged plan to leave the African market and focus on its operations in Latin America. Millicom has been operating in the Tanzanian market since 1994 and took ownership of the local operations in 2006. For a while, the company tried to make their shares public, but in the end decided to sell the business in its entirety. The company agreed to sell its Tanzanian business for an undisclosed amount to a consortium led by Axian. In the meantime, the company signed an agreement with its joint venture partner Bharti Airtel on Friday to pass on its AirtelTigo shares to the Ghanaian government for $25 million. Looking at Millicom’s operations in Africa…
