A preliminary hearing was opened for investigations into Telefonica and Terra Networks following a claim by minority shareholders regarding Telefonica’s alleged mismanagement when taking over Terra’s business in 2002, i.e. the jeopardizing of Terra’s minority shareholders. Telefonica says that an audit showed that the price paid to the minority shareholders was justified. The buyout stood at a 16.2% premium on the last closing price prior to the offering, 14.6% over the last 6M prior the offer and 0.8% above a mean of selected analysts’ target prices. Source: Bloomberg, Telefonica