O2 Czech Republic controlling shareholder PPF Group increased its effective ownership to above 90 per cent, as it pushed-on with plans to buy the remainder and delist the operator.
In a statement to investors, PPF indicated it would purchase remaining shares through a mandatory tender offer and take the operator’s shares off the Prague Stock Exchange.
PPF and its various subsidiaries have been increasing their stake in the operator since buying a controlling share from Telefonica in a deal announced in late 2013 and finalised in 2014.
Earlier this week, the company announced subsidiary PPF Telco and other affiliates planned to increase the group’s overall controlling stake from almost 84 per cent to 90.1 per cent. With the additional equity, it surpassed the level where outstanding minority shareholders are obliged to sell at a mandated price.
In its statement, PPF Group noted its decision to take full control was due to a continued sharp decline in the volume of trade in the O2 Czech Republic shares on the Prague exchange.