Press Releases
Launch of voluntary public offer for all outstanding shares in Első Pesti Telefontársaság Plc.
Launch of voluntary public offer for all outstanding shares in Első Pesti Telefontársaság Plc.
Budapest, January 15, 2010 09:00
Magyar Telekom has submitted a voluntary public offer for all outstanding shares in Első Pesti Telefontársaság Plc. (EPT Plc.) to the Hungarian Financial Supervisory Authority for approval.
Magyar Telekom currently owns 97.2% of EPT Plc. The offer price of HUF 16,300 equals the face value of the shares and total consideration for the 2.8% stake of around HUF 21.7 million.
EPT Plc. provides contact center and property management services, mainly to Magyar Telekom Group. The company reported sales revenues of HUF 642.5 million for the first nine months of 2009.
The purpose of this transaction is to further enhance the efficiency and competitiveness of the Magyar Telekom Group. EPT Plc. shareholders who do no accept the offer will be squeezed out in line with Magyar Telekom� purchasing right to increase its stake in EPT Plc. to 100%. The voluntary public offer is contingent on the approval of the Hungarian Financial Supervisory Authority.
The offer document containing full details is available on Magyar Telekom's website at www.telekom.hu.