UK-based investment company Polygon became the latest Masmovil stakeholder to slate a €2.96 billion takeover bid for the Spanish operator, requesting Spain’s National Securities Market Commission (CNMV) examine the move.

In a letter to CNMV, Polygon demanded a complete analysis of the bid made by a consortium of private investors, claiming they failed to “provide an independent expert report on the methods and criteria applied to determine the offered price”.

The minority stakeholder labelled the price of €22.50 per share as not equitable given the current climate, with the Covid-19 (coronavirus) pandemic affecting the Spanish economy, and claimed the offer was designed to “discourage competing bids” to the “detriment of the best interests of minority shareholders of Masmovil”.

Earlier this month fellow minority stakeholder Alliance Bernstein expressed concerns over the bid from Lorca Telecom BidCo, Cinven Capital Management and KKR Associates Europe.

Masmovil’s board is keen to accept the offer.