Consider that the price is "fair"

MADRID, 13 Dic. (EUROPA PRESS) -

The board of directors and the supervisory board of Telefónica Deutschland, the German subsidiary of Telefónica, have recommended accepting the voluntary takeover bid (OPA) launched by Telefónica for 28.19% of its capital, considering the price "equitable". in cash of 2.35 euros per share offered in the operation, the Spanish company reported this Wednesday to the National Securities Market Commission (CNMV).

"After a careful review of the offer document published by the offeror on December 5, 2023, the board of directors and the supervisory board of Telefónica Deutschland consider that the offer is equitable from a financial point of view," they underline in their report. valuation of the takeover bid, published this Wednesday by the German subsidiary of Telefónica.

Both bodies assure that, to carry out this assessment, they have taken into account the fairness opinions of their respective financial advisors Citi and Goldman Sachs. They also point out that they carried out the review separately and independently.

Telefónica announced at the beginning of November the launch of a voluntary takeover bid for shares representing a maximum of 28.19% of the share capital and voting rights of Telefónica Deutschland, of which it currently owns, directly or indirectly, 71, 81%, for a maximum amount of 1,970.35 million euros.

The offer is formulated as a purchase and sale of shares and the consideration offered to Telefónica Deutschland shareholders is 2.35 euros in cash for each share.

By virtue of this operation, Telefónica and its German subsidiary intend to increase the contribution of Telefónica Deutschland to the consolidated profit and to the cash flows attributable to Telefónica shareholders.