Minority Masmovil shareholder Polygon Global Partners filed an appeal with a Spanish court challenging an earlier decision by the country’s stock market regulator to approve a takeover of the operator.

In a statement, the investor said it lodged the appeal with Audiencia Nacional, a centralised court in Spain, seeking to overturn the National Securities Market Commission’s (CNMV) clearance of a proposed €2.96 billion acquisition by Lorca Telecom BidCo.

Polygon Global Partners previously described the bidding price as not equitable in the face of the Covid-19 (coronavirus) pandemic and claimed the offer aimed to discourage alternative bids.

After lodging concerns with CNMV on these grounds, the UK-based investment company addressed its concerns in a letter to Masmovil chairman Eduardo Diez Hochleitner Rodriguez.

Despite the efforts, a majority of shareholders last month backed the deal, which is now pending other regulatory approvals prior to finalisation.