Wednesday, May 22, 2013
(This story was originally published Tuesday.)
By Olga Razumovskaya
MOSCOW--Altimo, a unit of Russian billionaire Mikhail Fridman's Alfa Group, said in a statement Tuesday it won't increase its offer price of $0.70 a share for Egypt's Orascom Telecom Holding SAE (ORSTF).
"Following the receipt of investor queries and in response to market rumours, Altimo would like to clarify that it has no plans to change the price of the mandatory share offer launched by Baskindale Ltd.," the company said in the statement. Baskindale is a wholly owned unit of Altimo.
Last Wednesday Orascom, which is controlled by Russia's VimpelCom Ltd. (VIP), advised its shareholders to reject an offer from Baskindale Ltd. to acquire 100% of the company's shares at 70 cents a share.
Baskindale had made a tender offer to buy out all of Orascom's 5.25 billion shares.
Write to Olga Razumovskaya olga.razumovskaya@dowjones.com
(END) Dow Jones Newswires
22-05-13 0346GMT
