Telindus has recommended Belgacom’s improved offer to its shareholders after the telecoms operator agreed to maintain Telindus’ status as an independent company within the Belgacom Group. The deal will close on Friday January 6, 2006 unless Telindus receives a higher offer from a rival suitor.
In December, France Telecom tabled a bid of 570m euros ($682.7m), topping Belgacom’s initial offer of 483m euros ($578.6m). While BT Group was widely rumored to be considering a move for Telindus, no offer has yet been made.
As part of the takeover deal, Belgacom has agreed not to attempt any major reorganization of Telindus’ existing structure for a minimum of 12 months, or to interfere with the target company’s international operations for at least the next two years. Ronald Everaert, CEO of Telindus, and Jan Steyaert, chairman of the board of directors, will both retain their positions.
