Monday September 22, 2014 Search
Weather | Athens
27o C
19o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Bid for Forthnet lags expectation

By Vangelis Mandravelis

Forthnet’s shareholders were not satisfied by the offer submitted on Thursday by Vodafone and Wind Hellas to buy out the shares they do not already own.

The offer by the two mobile network operators that between them hold 39.5 percent of Forthnet came in response to OTE’s bid for Forthnet’s pay-TV operation (Nova).

Vodafone and Wind offered between 1.70 and 1.90 euros per share, which would bring the telecommunications company’s price to between 190 and 210 million euros on the stock market. Adding Forthnet’s net borrowing, amounting to 320 million, would take its enterprise value to just over half a billion euros.

The price bid by the two companies is at the year-high of the stock’s price and includes a premium of 55 to 72 percent on the average stock price in the last six months (1.09 euros). Forthnet’s stock declined 2.65 percent to 1.65 euros on Thursday.

The proposal by Vodafone and Wind is nonbinding and concerns all of the company’s shares that they do not currently possess (60.5 percent), but it does not constitute a public offering according to law. The two companies appear to be seeking a 50-50 share of Forthnet.

Forthnet’s main shareholder, Arab-controlled Forgendo Ltd, looks to be in no rush to accept the offer. According to the bid, Forgendo would get 82 to 92 million euros – less than half the money the Arab firm has spent since 2008 build its 44 percent stake in the company. Of course it is much more than what Dutch-owned Cyrte Investments received last year when it sold its 27 percent stake in Forthnet to Wind, which was just 3.5 million euros. Today that stake is valued at 50 million euros.

ekathimerini.com , Thursday Jul 17, 2014 (22:54)  
Pegging reforms to debt relief acts
Demand for diesel boosts total fuel sales
Foreign investors not overly concerned about political risk
IMF unhappy over social security debt collection
Results of probe into 20 Lagarde list names due soon
Members of the Financial Crimes Squad (SDOE) and tax inspectors involved in an investigation into the so-called Lagarde list of Greeks with Swiss bank accounts expect to be able to announce ...
Police refute reports of Jihadi training
Greece is not a training ground for Jihadis, the Greek police said in a statement released late on Friday in response to reports in the local media claiming that radical Islamists have been ...
Inside News
SOCCER
Reds beat Veria to claim league lead
Olympiakos thumped hitherto Super League leader Veria 3-0 on Saturday to go alone on top of the table for the first time after four rounds of games. Four days after putting three past Atleti...
SOCCER
Triumph for PAOK, historic result for Asteras in Europa League
Greek teams produced a patchy record on the opening night of the Europa League group stage on Thursday, as PAOK thrashed Dynamo Minsk, Asteras Tripolis snatched a draw at Besiktas and Panath...
Inside Sports
COMMENTARY
Universities threatened by transfers
The problem arising from the abuse of the Greek university transfer system – whereby some students are allowed to move to an institution of their choice instead of the one they were admitted...
EDITORIAL
Capital changes
A sizable part of the middle of the Greek capital has been slated to receive a significant makeover with the implementation of an urban restructuring project which includes turning a key cit...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Reds beat Veria to claim league lead
2. Pegging reforms to debt relief acts
3. Demand for diesel boosts total fuel sales
4. Foreign investors not overly concerned about political risk
5. IMF unhappy over social security debt collection
6. Agenda
more news
Today
This Week
1. IMF unhappy over social security debt collection
2. Foreign investors not overly concerned about political risk
3. Agenda
4. Demand for diesel boosts total fuel sales
5. Pegging reforms to debt relief acts
6. ‘Greece can meet its needs on its own’
Today
This Week
1. Greece at bottom of social justice scale among EU28
2. Central Athens traffic restrictions back in force on Monday
3. ‘Greece can meet its needs on its own’
4. Lost in the fog
5. Record sum of new debts to the state in August
6. Democracy under Pressure | Live Streaming
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.