Portugal Telecom suitor Isabel dos Santos withdraws EUR 1.21bn offer
Isabel dos Santos, the Angolan investor, has withdrawn her EUR 1.21bn offer for Portugal Telecom (PT).
In a regulatory statement, Terra Peregrin, the dos Santos PT bid vehicle, said the main reason for withdrawing the offer was insistence by the CMVM Portuguese Securities Commission that PT be valued on its six-month average stock price. This would oblige dos Santos to raise her PT bid to EUR 1.90 per share.
Dos Santos had based her offer on the PT share price on the day before her voluntary bid was made on 10 November.
The full statement, in Portuguese, can be read here.
Regulatory Authority Press Release