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KPN Still Talking to America Movil Over Hostile Takeover Bid

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Netherlands based KPN has provided a brief update following the unsolicited takeover bid for the company by Mexico's America Movil.

In a statement, KPN said that its board of directors are in "continuous constructive discussions with América Móvil on the Intended Offer consistent with their fiduciary duties."

Last week, a KPN foundation trust exercised a poison pill option that was set up when KPN was privatised and had effectively blocked the takeover bid.

KPN said that the ongoing discussions are on financial and non-financial matters related to the takeover bid including price and terms and conditions.

The company confirmed that at this stage the outcome of these discussions is not clear.

Jos Streppel, Chairman of the Supervisory Board and Eelco Blok, Chairman of the Board of Management and CEO "We are conducting a thorough process with regards to the Intended Offer. In this process we are carefully considering and weighing the interests of our shareholders, employees, customers and other stakeholders on financial and non-financial matters including safeguarding the vital role of KPN in Dutch society."

America Movil had offered EUR7.2 billion (US$9.6 billion) to buy the remaining 70% of the company that it doesn't already own, although a formal takeover bid has not been submitted to the stock exchange yet.

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Tags: america movil  kpn  Netherlands