PT Portugal: Apax Partners ramps up efforts to launch rival bid - report (translated)
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Apax Partners, the UK private equity firm, is meeting various parties today (4 November) in Lisbon to prepare a rival offer for PT Portugal to Altice's bid of just over EUR 7bn, reported Diario Economico. Sources familiar with the situation told the Lusophone paper that Apax executives have been sent to Portugal because the UK firm is readying a rival bid for PT Portugal.
Altice announced a binding offer on 3 November that valued the Portuguese operations of Brazilian telco Oi at EUR 7.025bn. Analysts in Lisbon said the offer from the French telco could face anti-trust issues in Portugal, but Altice CEO Patrick Drahi said recently that his firm would consider the measures imposed by Portuguese competition authorities. These measures could include the divestiture of Portuguese cable operator Cabovisao by Altice, some analysts said.
Elsewhere, Jornal de Negocios reported that Portugal Telecom (PT) shareholders could still veto the sale of PT Portugal using voting rights enshrined in the PT merger with Oi.
Source Diario Economico, Jornal de Negocios