The Czech SEC is expected to decide on Bivideon's voluntary public buyout offer to Ceske radiokomunikace (CRa) minority shareholders by the end of September. According to some sources, however, the SEC could render its decision as soon as today.
Bivideon (owned by TDC and Deutsche Bank), which holds 72% of Cra, has announced an offer of CZK 245 per share. The discrepancy between the per-share price of the buyout offer and the fundamental value of CRa stock is considerable, we believe--we see the fundamental value of CRa stock as not lower than CZK 340 per share.
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