July 19
Telefonica will not extend its EUR7.15 billion offer for Portugal Telecom’s stake in Brazil’s Vivo
The Wall Street Journal reports that Telefonica has said it will not extend its EUR7.15 billion offer for Portugal Telecom‘s stake in Brazil’s Vivo, following an extended bidding process. “Portugal Telecom’s board of directors didn’t accept the bid within the timeframe and it is now terminated,” said Telefonica in a regulatory filing. Analysts had called Telefonica’s twice-sweetened offer generous. Portugal Telecom had asked Telefonica to extend the offer period to 28 July from 16 July.