MegaFon: Antitrust clears MICL to buy up to 20.8% of operator stock
MOSCOW, Aug 15 (PRIME) -- RussiaТs Federal Antimonopoly Service has cleared MegaFon Investments (Cyprus) Ltd. (MICL), the wholly-owned subsidiary of mobile operator MegaFon, to buy up to 20.8% of the parent company, MegaFon said late Tuesday in a statement.
The package including the already owned stake by MICL and its units, comprising both common shares and global depositary receipts (GDRs), will reach up to 81.0378% of voting shares of MegaFon.
MegaFon announced on July 16 a buyback program, carried out through MICL, in order to delist its GDRs from the London Stock Exchange. The operator intends to purchase up to 128.95 million shares, or 20.8% of all issued and traded stock, for U.S. $9.75 apiece. The program is valid through August 22.
The offer is made to all shareholders excluding major ones: USM Group with 56.32% of MegaFon; Gazprombank Group with 18.79%; and MICL with 3.92%. Free float is currently at 20.97%.
Common shares of MegaFon closed at 623.5 rubles in Moscow and at $9.59 in London on Tuesday.
(66.7535 rubles Ц U.S. $1)