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Orascom Telecom turns down Altimo's buyout offer
- Egypt: 5 hours, 19 minutes ago
Egypt's Orascom Telecom Holding has said its board of directors had recommended rejecting an offer by a subsidiary of Russian billionaire Mikhail Fridman's Altimo to buy out the mobile company for $0.70 a share, Reuters has reported. An independent financial adviser had put a fair value Orascom's shares at $0.86 per share, the company said. "Hence we see that the offer price is below the fair value of the share by 18.7%," it said.
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