Sonaecom has restated its view that its EUR9.50 (USD12.29) per share offer to Portugal Telecom (PT) shareholders represents good value. Dow Jones quotes Belmiro de Azevedo, CEO of Sonaecom’s parent company Sonae, who said their offer is ‘credible and its financial support is adequate’. The current offer has been blasted by PT as an undervaluation; it values the Portuguese firm at around EUR11.1 billion. The bid runs until 9 March and Sonaecom has until 28 February to raise its offer, a move which is expected by many analysts since PT shares have been trading at well over the offer price and Sonaecom is unlikely to win sufficient support at the current level.
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