A second look at Millicom

I had covered Millicom (MICC) in a few earlier posts, most recently when Millicom emerged as a buyout candidate.

But Millicom's attempt to sell itself has hit a wall, with one buyer - who was willing to pay a very high price - itself getting bought out, and the other buyer, China Mobile, deciding to not bid after dragging it out for weeks.

Millicom shares have since plunged, to around $34 from a high of $50 reached when the bidding battle was still on.

While the shares are still around 90% over my buy price, I think this is another buying opportunity. Whether Millicom stays independent, which seems to be the only option for now, or becomes a target again down the road, it is time for the patient investor to buy. I will be looking to do exactly that in the next few weeks.

China Mobile has said that it will be looking at other acquisition candidates. I am not able to pick any from the ones I know. Turkcell (TKC), whose shares are also trading at a very attractive level today, is too big for China Mobile to swallow. So who will the new prey be ?