As announced on PPF website PPF Group has agreed to acquire a 65.9% shareholding in Telefónica CR for a total consideration of CZK 63.6 bln. CZK or 305.6 CZK per share. PPF will now be obliged to make a tender offer for remaining shareholders’ shares. We think the offer price will equal a price PPF will pay for the majority stake, which is equivalent to 305.6 CZK per share.