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MeneameA day after shareholders of Brazilian telephony and internet provider GVT (Bovespa: GVTT3) approved the removal of a poison pill clause from company bylaws, local telco and GVT suitor Telefônica Telesp (NYSE: TSP) upped its offer for the firm.
Telesp - the local unit of Spanish telecoms giant Telefónica (NYSE: TEF) - has now bid 50.50 reais per GVT share (US$29.34), according to a company statement to the São Paulo bourse Bovespa, thereby improving on the previous highest offer it made of 48.00 reais per share. The latest offer pegs a value on GVT of some US$3.9bn.
While in the statement Telesp said the sweetened offer is to "ensure the success of its bid while at the same time showing Telesp's capacity and reinforcing its intention to acquire 100% of GVT," the move, however, is seen as a preemptive strike against French communications and entertainment group Vivendi, which had originally submitted an unsolicited bid of 42.00 reais.
Vivendi has traditionally been cautious in its bidding, and officials have said this time around that they would not enter a price war to acquire GVT. At the time of publishing Vivendi had not issued any statement on Telesp's latest offer. To beat out Telesp's bid, Vivendi would have to offer a minimum 53.02 reais per share.
GVT's controlling shareholders - the Swarth Group and Global Village Telecom - signed an agreement with Vivendi on September 9 (Telesp made its counter offer on October 7) to sell at least 20% of the outstanding shares to the French firm. If Telesp is successful in its bid to get 100% of GVT, the spurned suitor may request break-up fees.
GVT closed trading Wednesday on Bovespa at 51.65 reais - 2.3% above Telesp's latest offer.
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