TeliaSonera encouraged in Lithuania

By Chris Dziadul
September 23, 2009

The board at the Lithuanian incumbent telco TEO LT has concluded that TeliaSonera’s offer price to buy out the company is fair, according to a report in VZ.

Martin Cesnavicius, a board member, had previously called for independent experts to be appointed to examine the bid.

Last month TeliaSonera announced that it had made a cash bid of LTL527 million (€152.9 million) to buy out the remainder of TEO LT, in which it holds 60% of shares and 62.94% of votes through its wholly owned subsidiary Amber Teleholding. The offer will end on October 9.

TeliaSonera is also seeking to buy out Eesti Telekom in Estonia, which like TEO LT is a leading player in the TV industry.