ONO prepares for IPO, rejects offers

February 11, 2014 20.06 Europe/London By Robert Briel

Ono New HQSpanish operator ONO has rejected bids from Vodafone and Liberty Global, according to local reports.

Instead, the company is preparing for an IPO. Talking to Catalan newspaper La Vanguardia a person close to the board of ONO said preparations for an IPO are in an advanced stage and could happen during the first half of the year.

The board of ONO is meeting today, Tuesday, February 11, with a meeting expected to last deep into the evening.

Vodafone was reported over the weekend to have made a formal offer for ONO. Bloomberg later reported a bid would need to be in the €7 – €8 billion range to win board approval.

Investment funds Providence Equity Partners, Thomas H. Lee Partners, CCMP Capital Advisors, and Quadrangle Capital own a controlling 54% of ONO.

(EDITORS NOTE – Story to be updated when new developments happen)