The day before the final shareholders' meeting (2 March 2007), when the votes would be counted, everyone was doing their very own numbers. In accordance with the company's bylaws, votes casted by one stockholder whose shares exceeded 10% of the share capital would not be counted. Sonaecom's offer was conditional on the removal of the restriction.
The removal of the restriction needed to be approved by two thirds of the stockholders present in the AGM. After that, for the offer to be successful, Sonaecom would have to possess the support of at least 50.01% of PT's stockholders to its EUR10.50 per share offer. This was among the greatest deals in the Telecoms sector, and investors from around the world were putting their bets on who was going to win the battle.
SONAECOM TAKEOVER OF PORTUGAL TELECOM (D) a case study solution
PUBLICATION DATE: January 01, 2012 PRODUCT #: IMD655-PDF-ENG
This is just an excerpt. This case is about FINANCE & ACCOUNTING
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