Consortium near Pais do Amaral prepares tender offer competing with PT

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A news item published today in The Times newspaper sent Portugal Telecom’s share prices up by saying that a consortium of private equities is preparing to launch a takeover bid competing with PT in the coming weeks. Miguel Pais do Amaral will be involved in this consortium, which is willing to pay 14 billion euros for PT shares.

The news has not yet been confirmed but it puts PT’s price around 30 percent above the value offered by Sonae in the OPA launched earlier this year. Belmiro de Azevedo had proposed to pay 9.50 euros for each PT share when this new offer puts the value at 12.4 euros, says Jornal de Negócios online.

Following the publication of the news, Portugal Telecom’s shares rose close to 5 percent in what is the biggest single-day rise in the operator’s securities since the launch of the OPA by Sonaecom.

Cinven, Blackstone, KKR, Pacific, Permira, Providence and Texas are part of the consortium that is preparing the OPA, all private equity companies that join the Portuguese entrepreneur Miguel Pais do Amaral, who had already revealed his intention to launch a competing with that of Sonaecom.

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