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Wednesday, 4 April 2018

Veon withdraws mandatory offer to purchase remaining stake of Global Telecom

M&A WATCH- Veon withdraws EGP 15 bn bid for Global Telecom: Amsterdam-based Veon Holdings withdrew a mandatory offer to purchase the 42.3% of Global Telecom Holding (GTH) that it doesn’t already own, according to regulatory filing from GTH (pdf). Veon, which owns 57.7% of GTH, said it withdrew the offer and had no intention to make another after apparently failing to receive approval for the transaction from the Financial Regulatory Authority (FRA), the statement added. Veon had offered to buy the nearly 2 bn shares at EGP 7.90 per share back in November, pricing the transaction at nearly EGP 15.5 bn. GTH shares fell 14.7% yesterday, dragging the EGX30 to close down 1.1%.

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