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Magyar Telekom learns of unsolicited offer for 0.16pc of shares

Magyar Telekom on Tuesday said it learnt of an unsolicited "mini-tender offer" by Delaware-registered Series D of Tender Investors for 325,000 of Magyar Telekom American Depositary Receipts which represent five ordinary shares apiece.

Magyar Telekom said “it is expressing no opinion and is remaining neutral with respect to the 'mini-tender offer”.

The offer is for ADRs representing 0.16pc of Magyar Telekom shares. The offer price, at USD 12.15, is a 22.6pc discount off the closing price of ADRs on the New York Stock Exchange on October 14, the day the offer was made by Series D of Tender Invetors, and a discount of 17.7pc from the closing price on October 25.

Magyar Telekom said earlier it would delist its ADRs from the NYSE, effective on or around November 12, 2010. The company said the “mini-tender offer” does not affect the ongoing process of delisting. (MTI Econews)