Telefonica today officially published its buyout offer to minority shareholders at CZK 456/share. The offer is valid effective of July 30 until September 19. Settlement: within 60 days from when shares are tendered and no later than 15 days after buy-out offer is terminated, i.e. no later than Oct-10). Given the relatively low buy-out price we do not expect the success rate of the buy-out offer to exceed 10%. Our fair value for Cesky Telecom is CZK 515/share with an attractive dividend stream going forward and therefore we would not recommend selling into the offer.