Telecom service provider America Movil has pulled out of its earlier decision to buy more stake in KPN.
Reuters reported that telecoms giant America Movil said on Wednesday it would not proceed with a plan to boost its stake in KPN after the Dutch telecom’s foundation blocked its bid.
America Movil, controlled by billionaire Carlos Slim, owned nearly 30 percent of KPN until the foundation exercised an option to give itself about 50 percent of voting stock.
You may read America Movil threatens to withdraw offer for KPN
On 30 August, America Movil had threatened to withdraw offer for KPN if the KPN Foundation maintains its current position and seeks to prevent the offer.
On 9 August, America Movil said it would make a voluntary tender offer in cash to buy KPN. The offer price was EUR 2.40 per share at a premium of approximately 35.4 percent over the average closing price of KPN’s shares on Euronext Amsterdam for the last 30 trading days.
