Telefonica filed a proposal for a buyout offer to minority investors at CZK 456 to the Security Commission for approval yesterday (June 30). The Commission has until July 21 to make a decision. The proposed price meets the minimum price requirement of 6MVWAG on the day of the transaction, which stood at CZK 443. The price is 2% below the current market price. Given that the proposed buyout price is below the market price and the expectations of some investors, we believe that the majority of the free float (49%) will not be bought back and CT will stay listed.