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Finnish mobile operator calls for board to postpone decision on Elisa takeover to enable shareholders to consider their options.
DNA on Tuesday announced it has made a binding cash offer of €120 million for Finnish fixed-line operator Anvia Telecom, just one day before its shareholders are due to vote on a previously agreed offer from Elisa.
The mobile operator’s bid is for Anvia Telecom and four other Anvia subsidiaries in the IT services, hosting, and TV and content spaces.
"Our cash offer to Anvia is binding and the offered purchase price is well above the price agreed between Anvia and Elisa," said DNA chief executive officer Jukka Leinonen, in statement.
"Therefore, we strongly believe that DNA’s offer is clearly more favourable for the shareholders of Anvia than what was agreed between Anvia and Elisa," he said.
Late last month Anvia announced it had brokered a cash and stock deal worth €107 million with Elisa for the same business units, comprising €31 million in cash and the remainder of Anvia shares held by Elisa. Elisa is Anvia’s single biggest shareholder with a 38.1% stake. The deal is subject to approval from an extraordinary general meeting due to take place on Wednesday.
Since then, there has been further interest in Anvia.
A fortnight ago Finda, which owns 50% of DNA, also claimed to have tabled a €120 million offer for Anvia. DNA did not mention its parent company’s bid on Tuesday, therefore it is not clear whether that offer is still on the table, or whether Finda is looking to do the deal via DNA.
And last week Telia Company announced that its Sonera unit had made a €130 million offer for Anvia and insisted it was "highly interested in pursuing the transaction" despite the existing agreement with Elisa.
"Anvia has received several offers for Anvia Telecom, including the offer now made by DNA," Leinonen said, adding that "it would be in the interest of all parties and in the spirit of the Finnish Limited Liability Companies Act for the board of Anvia to compare carefully and transparently all alternative offers it has received before divesting its main business."
He called upon Anvia’s board to propose postponing a decision on the sale at Wednesday’s EGM to enable shareholders to weigh up their options.
