Last month, Deutsche Telekom offered 1bn euros ($1.08bn) for control of PTC. It already owns a 49% stake, and the cash offer was to acquire the remaining 51% it does not own from a joint venture, which is owned by the Polish utility Elektrim, and Vivendi Universal, the French group.
However, the bid, which was at the invitation of Elektrim and Vivendi, ran into trouble when a crucial board member involved in the sale resigned late last week. Deutsche Telekom’s offer was to end at the close of business last Friday, and the decision by Elektrim to pull a representative from the board of the joint venture, made it impossible for it to discuss the offer before Friday’s deadline.
Deutsche Telekom’s decision to extend the bid means the members of the joint venture now have one week to reach agreement about how the $1bn will be shared out.
Source: Computerwire
