The Chairman of the Board of the General Meeting of Portugal Telecom announces that Telefónica offer of Euro 7.15Bn for Portugal Telecom’s 50% stake in Brasilcel, NV (“Offer”), was rejected by the Extraordinary General Meeting (“EGM”) held today.
On 1 June the board of Portugal Telecom met and decided to call an EGM of its shareholders with a proposed resolution whether to accept or reject the offer for the acquisition of 50% of Brasilcel for Euro 6.5 billion or any higher price presented by Telefónica any time before the date of the Meeting (“Offer”).
On 29 June Telefónica reviewed the Offer and offered a new consideration of Euro 7.15Bn. The reviewed Offer was submitted to the shareholders at the EGM that was held today.
A number of 615,639,437 shares representing 68.7% of Portugal Telecom share capital was present or duly represented at the General Meeting, of which 563,988,187 shares representing 62.9% of the share capital were admitted to vote.
The votes were cast as indicated in the table below:
|
Votes * |
Number |
% of Votes |
|
Votes in favour of the Offer |
748,952 |
73.9% |
|
Votes against the Offer |
264,354 |
26.1% |
|
Abstentions |
114,293 |
- |
|
Class A shares** |
1 |
. |
* Each vote corresponds to 500 shares
** Included within the votes against the Offer
The Portuguese State, through its 500 Class A shares, voted against the proposal. As such, Telefónica’s Offer was rejected in accordance with the independent interpretation of the Chairman of the Shareholders Meeting of Portugal Telecom bylaws.