Portugal Telecom SGPS, SA (“PT”) informs that it has received an unsolicited, binding and unconditional offer from Telefonica SA (“Telefonica”) to acquire PT’s 50% shareholding in Brasilcel, the holding company of Vivo Participações SA (“Vivo”), for € 5.7 billion (the “Offer”).
The Offer expires on the 6th of June 2010.
The Board of Directors has met today to review the merits of the Offer.
Vivo is core to PT’s strategy and the sale of its stake would be against the long term growth prospects of PT.
The Board of Directors has unanimously rejected the Offer.