Bivideon (owned by TDC and Deutsche Bank), which holds 72% of Ceske radiokomunikace (CRa), plans to make a new unconditional voluntary public buyout offer to CRa minority shareholders by the end of September, the company announced. It reportedly is considering an offer of CZK 245 per share, the same per-share price that Bivideon had made in an offer that it then withdrew in July 2003. Note that in the event Bivideon crosses a 75% ownership threshold in CRa via a voluntary buy-out, it would not be required to make an otherwise obligatory buyout offer, it will just carry on with the voluntary one approved by SEC.
While the details of the planned new offer are yet to be released, we note again that the discrepancy between the per-share price of the buyout offer and the fundamental value of CRa stock is. We believe that the fundamental value of CRa stock is not lower than CZK 340 per share (CRa’s main asset is its 39% stake in T-Mobile CR, the second-largest domestic mobile operator).
Jan Hájek