JAZZTEL
The CNMV has released results for the offer
Orange has received 94.75pct
Settlement is expected by 2 July
Orange can move to squeeze out the rest. The squeeze out treshold is 90pct. There will be no reopening of the offer
Orange intends to exercise the squeeze-out, if the conditions of squeeze-outs are fulfilled, through the procedure established in the UK Companies Act 2006, (Jazztel trades in the UK) without prejudice to shareholders being able to require from Orange the mandatory purchase of shares under Article 47 of Royal Decree 1066/2007 (Jazztel residence is Spain)
This means both Orange (within 3 months) can squeeze-out minorities but also minorities can request purchase of their shares for Eur13
Chapter III in the attached offer document provides further detail
We close our file on Jazztel
From: LCHEKROUN@makor-cm.com At: Jun 26 2015 12:03:25