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Monday, 11 February 2019

Veon moves ahead with EGX-listed GTH take-private bid

M&A WATCH- Veon files for approval of EGP 11 bn GTH takeover bid: Veon Holdings, the majority shareholder in EGX-listed Global Telecom Holding (GTH), has filed for regulatory approval to make a tender offer for the 42.3% of the company that it does not already own, the Financial Regulatory Authority said in a notice to the EGX (pdf). The bid, at EGP 5.30 a share, is still under review by the FRA, the statement said. If completed, it would be worth c. EGP 10.6 bn. Veon disclosed to the EGX last week its intends to make an offer for 100% of GTH, saying it intended to submit an offer to the FRA within 60 days. Amsterdam-based company Veon first announced the take-private bid last month.

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