Tele2 agreed to pay 2.20 euros ($2.65) per ordinary Versatel share on Monday July 18, in an offer worth 1.34bn euros ($1.61bn). The 2.20 euro ($2.65) a share offer was a 14% premium of the closing price of 1.93 euros ($2.32) on July 15, the week before the offer was made. However, a group of minority investors are insisting that Versatel is worth more than that. It is thought the group has not agreed on what it would deem to be a suitable offer.
The group calls itself TeleNee (literally translated as TeleNo) and it claims to represent over 600 private investors. It says these shareholders will be able to prevent Tele2 from reaching its target of 95% ownership of Versatel.
Both Versatel’s board of directors and the main shareholder have already backed Tele2’s offer. Versatel’s largest shareholder is Talpa Capital with a 42% stake. Talpa is controlled by the Dutch TV tycoon, John del Mol, perhaps most famous as the man who inflicted Big Brother upon the world.
It remains to be seen whether TeleNee has the necessary support of 5% of Versatel’s shareholders to block Tele2’s deal. If they have, Tele2 will either have to raise its offer, lower its shareholding target, or pull out completely from the deal.
