Monday March 30, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Bid for Forthnet lags expectation

By Vangelis Mandravelis

Forthnetís 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 OTEís bid for Forthnetís pay-TV operation (Nova).

Vodafone and Wind offered between 1.70 and 1.90 euros per share, which would bring the telecommunications companyís price to between 190 and 210 million euros on the stock market. Adding Forthnetís 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 stockís price and includes a premium of 55 to 72 percent on the average stock price in the last six months (1.09 euros). Forthnetís stock declined 2.65 percent to 1.65 euros on Thursday.

The proposal by Vodafone and Wind is nonbinding and concerns all of the companyís 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.

Forthnetís 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 Ė 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)  
Germany says Greece must flesh out reforms to unlock aid
Greek yields edge up as lenders scrutinise reform pledge
Euro hurt by Greek uncertainty, dollar helped by rate outlook
Greece says not backing down on debt relief goal
Athens University calls on ities to remove anarchist protesters
The University of Athens called on the government on Monday to take action to remove anarchists who occupied the institutionís main building in the morning. The group of 20 to 30 protesters ...
Greek president says Turkish vessel must leave for Cyprus talks to resume
On his first official visit abroad since becoming Greek president, Prokopis Pavlopoulos visited Cyprus on Monday, where he backed Cypriot President Nicos Anastasiadesís decision last year to...
Inside News
SOCCER
Three Greek internationals injured in Budapest car crash
Three Greek international soccer players were slightly injured on Monday in a car crash as they travelled by taxi to Budapest airport following Greece's Euro 2016 qualifying goalless draw ag...
SOCCER
Improved Greece draws 0-0 at Hungary
Greece ended up goalless with Hungary in Budapest on Sunday, on manager Sergio Markarianís debut on the national teamís bench, a result that has left Greece at the bottom of its Euro 2016 qu...
Inside Sports
INTERVIEW
Releasing migrants from detention centers not enough, says UN rights watchdog
The Greek government's shift on immigration is ďthe beginning of what will no doubt be a difficult process,Ē according to Jan Jarab, regional representative for Europe of the High Commission...
COMMENTARY
Tsipras needs rupture with far-left, not Brussels
Does Alexis Tsipras, the Greek prime minister, have the guts to break with his far-left faction? The countryís fate hangs on the answer to this question. Greeceís immediate prospects are dic...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
†RECENT NEWS
1. Athens University calls on ities to remove anarchist protesters
2. Germany says Greece must flesh out reforms to unlock aid
3. Greek president says Turkish vessel must leave for Cyprus talks to resume
4. Tsipras presses allies for support as Greek cash crunch deepens
5. Three Greek internationals injured in Budapest car crash
6. Subject of many snaps, Sifis the crocodile found dead in Crete
more news
Today
This Week
1. ECB nerves fray on Greece as supervisors rile central bankers
2. Greek markets show all at risk should mistake trigger a default
3. European stock-index futures rise as investors look to Greece
4. Greece says not backing down on debt relief goal
5. Work on tram extension begins in Piraeus
6. Talks in Brussels continue but Greece and lenders 'not there yet'
Today
This Week
1. Next Monday is D-Day for state funds
2. Eurogroup unlikely to be held soon to discuss Greek reforms
3. PM faces Merkel amid race to detail reforms
4. Moscow expects progress from Tsipras visit
5. Some more equal than others
6. Greece to present reforms by Monday, says gov't spokesman [Update]
†††Find us ...
††... on
Twitter
†† ††... on Facebook ††
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.