Hungarian telecommunications company Magyar Telekom has submitted a voluntary public-offer for all outstanding shares in contact-center and property-management services company Első Pesti Telefontársaság (EPT) to the Hungarian Financial Supervisory Authority (PSzÁF) for approval, Magyar Telekom announced on the website of the Budapest Stock Exchange on Friday morning.
Magyar Telekom currently owns 97.2% of EPT. The HUF 16,300 offer price equals the face value of the shares and total consideration for the 2.8% stake of around HUF 21.7 million.
EPT generated revenue of HUF 642.5 million (€2.41 million) in the first three quarters of 2009.
Magyar Telekom said that EPT shareholders who do no accept the offer will be squeezed out pursuant to Magyar Telekom's purchasing right to increase its stake in the company to 100%.
The voluntary public offer is contingent upon PSzÁF's approval. (MTI-Econews)