Telefonica’s Latin American holding company launched a fresh offer to minority investors of its Peru business, after criticism of the timing and short deadline given on a previous attempt to buy-up remaining stock.
In a statement published to the Lima stock exchange, Telefonica subsidiary Latin American Cellular Holdings announced an offer of PEN2.08 per share ($0.60) for the remaining 36 million class-B shares in circulation.
Investors have until 23 April to take the deal, which is worth a total of PEN74.88 million ($21.6 million) and equates to just over a 1 per cent stake in the unit.
The move comes after a previous offer was reportedly criticised by Peruvian authorities for both the timing, coming during a state of national emergency due to the Covid-19 (coronavirus) outbreak, and for the short deadline offered to shareholders.
Spanish business newspaper Cinco Dias noted in the original offer, which closed on 31 March, Telefonica bought 11.45 million shares.
The move is part of the company’s reorganisation of its operations across its footprint, which brings all of its units in Central and South America (except Brazil) under one standalone company.Subscribe to our daily newsletter Back