Monday, February 06, 2006

Portugal Telecom gets some interest

In a post on Millicom just 2 weeks ago, I had mentioned Portugal Telecom (PT) as another of my takeover bets. I did not expect things to move this fast, but today Portuguese congolmerate Sonae, a company that is just a quarter of PT's, made a stunning takeover bid.

The transaction may not go through given the hostile nature of the bid, but PT's stock is trading above the offer price indicating an expectation of higher bids.

The offer, as it stands today, is around a 14% premium to my average cost, but I can definitely wait longer for a sweetened bid!


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