Millicom’s (Tigo) Independent Committee Reviewing Revised Tender Offers from Atlas Luxco S.à r.l
Millicom's Independent Committee is reviewing revised tender offers from Atlas Luxco S.à r.l. Atlas has increased its offer price from $24.00 to $25.75 per Share to acquire all outstanding common shares and SDRs in Millicom (TIGO) that it doesn't currently own. The Independent Committee, which previously rejected the original offer as undervaluing Millicom, will evaluate the revised offers and announce its recommendation within five business days.
The committee advises shareholders to take no action pending their review. Millicom is receiving financial advice from Goldman Sachs International and Morgan Stanley & Co. International plc, while Nordea Bank Abp, filial i Sverige, Corporate Finance is acting as independent financial advisor to the Independent Committee.
Il Comitato Indipendente di Millicom sta esaminando le offerte di acquisto riviste da Atlas Luxco S.à r.l. Atlas ha aumentato il suo prezzo offerto da $24.00 a $25.75 per azione per acquisire tutte le azioni ordinarie e gli SDR in Millicom (TIGO) che attualmente non possiede. Il Comitato Indipendente, che in precedenza aveva respinto l'offerta originale ritenendola sottovalutativa per Millicom, valuterà le offerte riviste e annuncerà il proprio parere entro cinque giorni lavorativi.
Il comitato consiglia agli azionisti di non intraprendere azioni in attesa della loro revisione. Millicom riceve consulenza finanziaria da Goldman Sachs International e Morgan Stanley & Co. International plc, mentre Nordea Bank Abp, filiale in Svezia, è il consulente finanziario indipendente del Comitato Indipendente.
El Comité Independiente de Millicom está revisando las ofertas de compra revisadas de Atlas Luxco S.à r.l. Atlas ha aumentado su precio de oferta de $24.00 a $25.75 por acción para adquirir todas las acciones ordinarias y los SDR en Millicom (TIGO) que actualmente no posee. El Comité Independiente, que anteriormente rechazó la oferta original por considerarla una subvaloración de Millicom, evaluará las ofertas revisadas y anunciará su recomendación dentro de cinco días hábiles.
El comité aconseja a los accionistas que no tomen ninguna acción mientras se lleva a cabo su revisión. Millicom está recibiendo asesoramiento financiero de Goldman Sachs International y Morgan Stanley & Co. International plc, mientras que Nordea Bank Abp, filial en Suecia, actúa como asesor financiero independiente del Comité Independiente.
밀리콤의 독립위원회는 아틀라스 룩스코 S.à r.l.의 수정된 입찰 제안을 검토하고 있습니다. 아틀라스는 밀리콤(TIGO)에서 현재 보유하지 않은 모든 보통주 및 SDR을 인수하기 위해 제안 가격을 $24.00에서 $25.75로 인상했습니다. 이전에 원래 제안이 밀리콤을 저평가한다고 판단하여 거부한 독립위원회는 수정된 제안을 평가하고 영업일 기준 5일 이내에 권고안을 발표할 예정입니다.
위원회는 주주들에게 검토가 진행되는 동안 어떠한 조치도 취하지 말 것을 권장합니다. 밀리콤은 골드만 삭스 인터내셔널과 모건 스탠리 & 코. 인터내셔널 plc로부터 재정 조언을 받고 있으며, 노르데아 은행 Abp 스웨덴 지사는 독립위원회에 대한 독립 재정 고문 역할을 하고 있습니다.
Le Comité Indépendant de Millicom examine les offres de rachat révisées d'Atlas Luxco S.à r.l. Atlas a augmenté son prix d'offre de 24,00 $ à 25,75 $ par action pour acquérir toutes les actions ordinaires et les SDR de Millicom (TIGO) qu'il ne possède actuellement pas. Le Comité Indépendant, qui avait précédemment rejeté l'offre originale en raison d'une sous-évaluation de Millicom, évaluera les offres révisées et annoncera sa recommandation dans les cinq jours ouvrables.
Le comité conseille aux actionnaires de ne prendre aucune mesure en attendant leur examen. Millicom reçoit des conseils financiers de Goldman Sachs International et Morgan Stanley & Co. International plc, tandis que Nordea Bank Abp, filiale en Suède, agit en tant que conseiller financier indépendant pour le Comité Indépendant.
Das Unabhängige Komitee von Millicom überprüft die überarbeiteten Übernahmeangebote von Atlas Luxco S.à r.l. Atlas hat seinen Angebotspreis von $24,00 auf $25,75 pro Aktie erhöht, um alle ausstehenden Stammaktien und SDRs von Millicom (TIGO) zu erwerben, die es derzeit nicht besitzt. Das Unabhängige Komitee, das das ursprüngliche Angebot zuvor als unterwertig für Millicom abgelehnt hatte, wird die überarbeiteten Angebote bewerten und innerhalb von fünf Geschäftstagen seine Empfehlung bekannt geben.
Das Komitee rät den Aktionären, bis zur Überprüfung keine Maßnahmen zu ergreifen. Millicom erhält finanzielle Beratung von Goldman Sachs International und Morgan Stanley & Co. International plc, während die Nordea Bank Abp, Niederlassung in Schweden, als unabhängiger Finanzberater des Unabhängigen Komitees agiert.
- Increased offer price from $24.00 to $25.75 per Share, potentially benefiting shareholders
- Independent Committee's careful review process to ensure fair valuation for shareholders
- Uncertainty surrounding the outcome of the tender offer review
- Potential for undervaluation despite the increased offer price
The revised tender offer from Atlas Luxco for Millicom's shares at
However, the Independent Committee's previous rejection of the
Investors should closely monitor the situation, as the involvement of high-profile advisors like Goldman Sachs and Morgan Stanley suggests complex negotiations and potentially higher valuations in play.
The formation of an Independent Committee to review the tender offer demonstrates strong corporate governance practices at Millicom. This committee's role in protecting shareholder interests is critical, especially given the potential conflicts of interest in takeover situations.
The committee's swift response, promising a recommendation within five business days, shows a commitment to timely and transparent communication. This efficiency is commendable in M&A scenarios where time sensitivity is crucial.
The engagement of multiple legal advisors across jurisdictions (Davis Polk, Nord Advokater, Advokatfirman Lindahl, Hogan Lovells) indicates the complex, multi-national nature of this transaction and Millicom's commitment to thorough due diligence in evaluating the offer.
Atlas Luxco's revised offer suggests they're keen to close this deal, but the
The presence of heavyweight financial advisors on both sides (Nordea for the Independent Committee, Goldman Sachs and Morgan Stanley for Millicom) indicates complex negotiations and potentially competing valuations. This could lead to further price revisions or a protracted negotiation process.
Investors should be prepared for various outcomes: acceptance of the current offer, further negotiations, or even a potential competing bid from another party interested in Millicom's telecom assets in emerging markets.
Millicom’s (Tigo) Independent Committee Reviewing Revised Tender Offers from Atlas Luxco S.à r.l
Luxembourg, August 06, 2024 – On August 2, 2024, Atlas Luxco S.à r.l (“Atlas”) announced that it has increased the offer price in its tender offers to acquire all outstanding common shares and SDRs in Millicom International Cellular S.A. (“Millicom”, and all such common shares and SDRs collectively, the “Shares”, and holders of common shares and SDRs are collectively referred to as “Shareholders”) that Atlas and its affiliates do not currently own from USD
As previously announced on July 15, 2024, a committee of independent members of Millicom’s Board of Directors (the “Independent Committee”) unanimously determined that Atlas’ original tender offers at the original offer price of USD
The Independent Committee will carefully review the Revised Offers in accordance with its duties under applicable laws and regulations and will advise Millicom’s Shareholders of its recommendation regarding the Revised Offers. The Independent Committee intends to announce its recommendation regarding the Revised Offers within the next five business days.
The Independent Committee recommends that Millicom Shareholders take no action at this time pending the Independent Committee’s review and evaluation of the Revised Offers and its announcement of its recommendation regarding the Revised Offers.
Advisors
Nordea Bank Abp, filial i Sverige, Corporate Finance is acting as independent (within the meaning of the Takeover rules for Nasdaq Stockholm and Nordic Growth Market NGM) financial advisor to the Independent Committee. Millicom is receiving financial advice from Goldman Sachs International and Morgan Stanley & Co. International plc. Davis Polk & Wardwell LLP, Nord Advokater, Advokatfirman Lindahl and Hogan Lovells (Luxembourg) LLP are providing legal advice to the Independent Committee and Millicom.
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For further information, please contact:
| Press: Sofía Corral, Communications Director press@millicom.com | Investors: Michel Morin, VP Investor Relations investors@millicom.com |
About Millicom
Millicom (NASDAQ U.S.: TIGO, Nasdaq Stockholm: TIGO_SDB) is a leading provider of fixed and mobile telecommunications services in Latin America. Through our TIGO® and Tigo Business® brands, we provide a wide range of digital services and products, including TIGO Money for mobile financial services, TIGO Sports for local entertainment, TIGO ONEtv for pay TV, high-speed data, voice, and business-to-business solutions such as cloud and security. As of June 30, 2024, Millicom, including its Honduras Joint Venture, employed approximately 15,000 people and provided mobile and fiber-cable services through its digital highways to more than 45 million customers, with a fiber-cable footprint about 14 million homes passed. Founded in 1990, Millicom International Cellular S.A. is headquartered in Luxembourg.
Additional Information
Millicom has filed with the SEC a solicitation/recommendation statement on Schedule 14D-9, which Millicom may amend and supplement from time to time. MILLICOM’S SHAREHOLDERS ARE ADVISED TO READ THE SCHEDULE 14D-9 AND ANY OTHER RELEVANT DOCUMENTS (INCLUDING FUTURE AMENDMENTS AND SUPPLEMENTS TO THE SCHEDULE 14D-9) FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BEFORE MAKING ANY DECISION WITH RESPECT TO THE REVISED OFFERS BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Shareholders may obtain a copy of the Schedule 14D-9, any future amendments and supplements thereto, as well as any other documents filed by Millicom in connection with the Revised Offers, free of charge at the SEC’s website at www.sec.gov and on Millicom’s website at https://www.millicom.com/investors/sec-filings. In addition, investors and Shareholders will be able to obtain free copies of these documents from Millicom by directing a request to Michel Morin, VP Investor Relations at investors@millicom.com.
Other Disclaimers
Morgan Stanley & Co. International plc (“Morgan Stanley”) and Goldman Sachs International (“Goldman Sachs”) are acting as financial advisors to Millicom and to no one else. Morgan Stanley and Goldman Sachs are authorised by the Prudential Regulation Authority (“PRA”) and regulated by the Financial Conduct Authority and the PRA. In connection with such matters, Morgan Stanley’s and Goldman Sachs’ and their respective affiliates’ respective directors, officers, employees and agents will not regard any other person as its client, nor will Morgan Stanley or Goldman Sachs be responsible to anyone other than Millicom for providing the protections afforded to their clients or for providing advice in connection with the matters described in this announcement or any matter referred to herein.
FAQ
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