Private equity firm Mid Europa Partners is extending its tender offer to purchase any and all of the outstanding ordinary shares of Invitel Holdings, par value EUR0.01 per share, and any and all of its American depositary shares.
As of 7 January 2010, a total of approximately 2,332,601 Invitel shares and Invitel ADSs had been tendered in the offer and not withdrawn.
Together with the 12,450,393 Invitel shares already owned by Mid Europa, this represents approximately 88.4 per cent of the outstanding Invitel shares.
The offer and withdrawal rights will now expire at 12:00 midnight, New York City time, on 22 January 2010, unless further extended. All other terms and conditions of the offer, including the offer price of USD4.50 per Invitel share or Invitel ADS, remain unchanged.
Mid Europa has extended the expiration date of the offer in order to allow all of Invitel’s investors additional time to participate in the offer, including investors who may not have had an opportunity to tender due to the holiday season, and including investors who are required to provide instructions to tender through their bank, broker or other nominee.
Assuming that Mid Europa controls more than 90 per cent of the outstanding Invitel shares following the completion of the offer, any Invitel shares not acquired in the offer are expected to be acquired in a subsequent compulsory acquisition procedure under Danish law at the same per share cash price offered in the offer.
Invitel, formerly Hungarian Telephone and Cable, is a telecommunications and broadband internet services provider in the Republic of Hungary.
