Newbury, UK-based Vodafone launched its public offer for the shares in its Greek unit, Vodafone-Panafon Hellenic Telecommunications Company SA on December 1, 2003. At that time, it owned directly and indirectly approximately 406 million shares in Panafon, representing 74.795% of its share and voting capital.
Since December 3, Vodafone has purchased 87,094,515 shares in the market. These purchases represented 16.030% of Panafon’s share and voting capital, at a price per share of 6.18 euros ($7.78) or below, for a total consideration of 538m euros ($677m).
Following payment on January 30, 2004 of the offer price of 6.18 euros per share, Vodafone will have acquired 40,220,500 shares in the offer, or 7.403% of Panafon’s share and voting capital, for a total of 249m euros ($313.2m).
After acquiring the shares, Vodafone will own directly and indirectly a total of 533,684,215 Panafon shares, or 98.228% of Panafon’s share and voting capital.
This article is based on material originally published by ComputerWire
