Nokia’s reopened public exchange offer for Alcatel-Lucent shares in the US and France fell short of the 95 per cent support needed to squeeze out the remaining stake, with the company set to respond on tomorrow’s Q4 results call.

The Finnish company will hold about 91 per cent of the share capital of Alcatel-Lucent at the end of its second public exchange offer, falling short of the 95 per cent target.

Settlement of the reopened offer is expected on 12 February.

The company told Mobile World Live it will share more on the subject during its Q4 2015 results call tomorrow (11 February).

The company reopened its public exchange offer in January for outstanding Alcatel-Lucent shares not already tendered by their owners. It said at the time that it “firmly believes that it is in the best interests” of shareholders to participate.

Clearly, there is a small minority that do not subscribe to that point of view.

Last month also saw the new entity kick off its combined operations.

After its initial public exchange offer, Nokia held 79 per cent of the share capital, as well as at least 79 per cent of the voting rights, in Alcatel-Lucent.  This offer closed in early January.

So the second round enabled Nokia to nab an additional 12 per cent support but left it still falling short of the target for a squeeze-out.

The Finnish company’s €15.6 billion all-share deal for rival Alcatel-Lucent was first announced in April 2015.