Netla Management (NML), a minority shareholder in Cesky Telecom, said that Telefonica’s proposed buy-out offer at CZK 456 per CT share is 10-20% lower than the real value of CT. NML is not satisfied with Telefonica’s approach to fulfilling its legal obligations. has presented four independent expert valuations with prices of CZK508.7/share, CZK538/share, CZK515.59/share and CZK520.0/share respectively on its web pages (www.netla.cz). Note that NML has been active in the case of the buyout of Ceske radiokomunikace by Bivideon (Deutsche Bank) claming that the buy offers were too low. Note that Telefonica proposed a buy-out price of CZK456. The price has to be approved by the SEC. SEC has to decide by July 21.