Wataniya Telecom Board to review Qtel mandatory tender offer and to provide a recommendation to shareholders
National Mobile Telecommunications Company K.S.C. (“Wataniya Telecom”) (Ticker: NMTC) has been informed today that Qatar Telecom (Qtel) Q.S.C. (“Qtel”) has received approval from the Kuwait Capital Markets Authority (“CMA”) of its offer document dated August 2012 (the “Offer Document”). This allows Qtel to proceed with a mandatory tender offer to acquire all the issued shares of Wataniya Telecom not currently owned by Qtel or any of its wholly owned subsidiaries (the “Offer Shares”), pursuant to Article 271 of the Executive Regulations to Law No. 7 of 2010, at Kuwaiti Dinar (“KWD”) 2.600 a share (the “Offer Price”).
The Board of Wataniya Telecom (the “Board”) will review the Offer Document and provide a recommendation to Wataniya Telecom shareholders within seven business days, as required by Law No. 7 of 2010. The Board has appointed Protiviti as independent advisor to provide an opinion on the fairness of the Offer Price.
All materials pertaining to the proposed transaction are available for review on the websites of Wataniya Telecom at www.wataniya.com and Qtel at www.qtel.qa from the date of publication of the Offer Document until the end of the offer period.