Telefonica’s Latin American subsidiary has presented a new buyout offer to minority shareholders in its Peruvian operation.
The previous offer from holding firm Latin American Cellular Holdings came under fire from Peru’s authorities for being issued during a state of national emergency amidst the ongoing Covid-19 (coronavirus) outbreak.
Additionally, its deadline of 31st March left shareholders with little time to respond. Under this initial offer, Telefonica bought up 11.45 million shares, reported Spanish business outlet Cinco Dias.
In a statement to the Lima Stock Exchange, LACH confirmed that it would now offer PEN2.08 ($0.60) per share on the 36 million class-B shares available. This equates to an available stake of just over 1%, with a value of PEN74.88 million ($21.6 million). Investors have until 23rd April to accept.
Telefonica is in the process of streamlining its operations in Latin America, which will see all of its units in the region – except for its Brazilian operation – brought under one firm.