Netherlands-based operator KPN said it will review its “strategic options” with regard to its German mobile business E-Plus, as it looks to fend-off an attempt by Latin American giant America Movil to acquire a significant stake in the group.

It has already announced it is reviewing its options for its Belgian mobile arm Base, a process it describes as “ongoing”. It said that the “overarching aim of exploring strategic options is to unlock superior value for the holders of our shares.”

E-Plus is currently the third largest operator in Germany, according to Wireless Intelligence figures, with 23 million subscribers. While it lags Vodafone Germany and T-Mobile Germany, it is larger than Telefonica’s O2 Germany, which has 18.6 million customers.

According to some reports, KPN is in talks with Telefonica about the Spanish company acquiring E-Plus, which would create the biggest mobile operator in the country. However, it is not clear how big Telefonica’s appetite for a deal is, having this week said it is considering selling-off part of its German unit in order to reduce its debt.

The company said that following a review, it found that the offer from America Movil is “not in the interests of all shareholders and other stakeholders.” It said that America Movil, which is looking to acquire around 28 percent of KPN, is “not willing to enter into a shareholder agreement and did not respond positively to our proposals.”

It said that the “underlying intentions” of the bid are unclear, with Eelco Blok, KPN’s CEO, arguing: “the do not need to have significant influence at KPN’s shareholders meeting to jointly explore commercial opportunities.”

And, as it has from the outset, it maintained that the offer price of EUR8 per share is “too low for gaining significant influence” – and that the Latin American company’s involvement “may deprive other KPN shareholders of M&A premium.” It notes that the proposed deal keeps America Movil below the 30 percent level at which it must make an offer for the company as a whole, and “potentially deterring other third parties from making an offer for the whole of KPN in the future.