Cinven’s bid for Telekom Slovenije has been rejected due to a proposed amendment, but the investor group is reportedly still interested in an acquisition.
Privatisation regulator SDH refused to grant an amendment that reportedly would have allowed Cinven to stall payment until Telekom Slovenije’s Macedonian unit had been approved for sale.
The amendment was lodged on the same day that the state accepted Cinven’s initial bid of $850 million. SDH has now confirmed that it has rejected the bid and will not accept any extra conditions.
Despite this unequivocal rejection of any additional amendments, Cinven has stated that it “remains interested in the privatisation of Telekom Slovenia and is open to re-evaluate the situation in the coming weeks”.
Cinven has been pursuing an acquisition of Telekom Slovenije since May, when it lodged an initial bid for the operator. This offer was dismissed following claims that it did not value the firm highly enough. Telekom Slovenije has been on the market since 2013, along with 14 other state-owned companies.
The investment group is now likely to wait until Telekom Slovenije’s Macedonian unit has been sold – or at least had its future decided – before it tables another offer.