Spain’s Telefonica once again raises offer for Vivo to $8.72 billion
30 Jun 2010
Spanish telecommunications provider Telefonica, once again raised its offer for Portugal Telecom's indirect stake in their 50:50 Brazilian mobile joint venture Vivo Participacoes from $7.9 billion to $8.72 billion.
The revised offer made by Telefonica yesterday is a last ditch-effort to convince Portugal Telecom's shareholders that its latest offer is a good incentive for exiting the Brazilian market.
In May, Madrid-based Telefonica, which provides its services in Europe and Latin America, had offered to buy Portugal Telecom's 50 per cent stake in Vivo for $6.9 billion, which was instantly rejected by Portugal Telecom.
Telefonica, which is also Portugal Telecom's largest shareholder, sweetened its offer early this month by $1 billion to $7.9 billion, which Portugal Telecom rejected once again by saying that the revised offer did not reflect the ''strategic value of the asset for Telefonica.'' (See: Telefonica sweetens bid for Vivo to $7.9 billion)
Telefonica said that its latest increased offer is "the final and definitive offer and Telefonica will not amend, improve, adjust, extend or in any other manner modify it."
It also added that its new offer is valid until 2 July.
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