Jazztel investor Alken increases stake to 6.48%
Jazztel investor Alken Asset Management, the fund that has rejected Orange's EUR 13 per share offer for the Spanish broadband operator, has increase its stake, Expansion reported. According to the unsourced Spanish-language report, Alken has increased its stake by 1.4% to 6.48%.
As reported, Alken, Jazztel's second largest shareholder, behind the company's Chairman Leopoldo Fernandez Pujals, who owns 14.5%, deems Orange's offer too low. Orange's bid values Jazztel at EUR 3.34bn.
Alken has said its position is backed by other shareholders holding a further 2% stake in the company. The fund values Jazztel at EUR 20 a share, 26x EBITDA or EUR 5.1bn in total, Expansion noted.
Expansion