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Bivideon will make a voluntary buy-out for Ceske radiokomunikace shares at CZK 245

4.7.2003 10:55
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Reuters has reported that Bivideon (the TDC/Deutsche Bank consortium that owns 72% of Ceske radiokomunikace) will make an unconditional voluntary public buy-out offer for CRa shares at CZK 245 per share. The offer should reportedly be made by the end of July.
The voluntary offer is not subject to the approval of the Czech Securities and Exchange Commission. Obligatory buyout offers must be made when a 75%-ownership threshold is crossed; Bivideon holds 72% in CRa at present. The price for obligatory buyouts are determined by an appraisal by a court-sworn expert, which should, among others, take into account the 6M weighted average of the stock price. The offer must then be approved by the SEC, which examines the fairness of the offered price (and can, for instance, exclude the 6M-weighted-average-price criteria).

The discrepancy between a buy-out offer at CZK 245 per share (and, of course, the 6M weighted average of CZK 201 per share) and the fundamental value of CRa stock is rather evident--we believe that the fundamental value of CRa stock is not lower than CZK 340 per share. Recall that the main asset of CRa is its 39% stake in T-Mobile CR, a mobile operator (it forms more than 90% of value of CRa stock, we estimate). T-Mobile CR’s value has recently become even more transparent due to the acquisition of a 49% stake in Eurotel, the leading domestic mobile operator, by Cesky Telecom (raising its ownership interest to 100%), which was completed at a 2003 EV/EBITDA multiple of 5.5. Bivideon’s buy-out offer implies a T-Mobile CR 2003 EV/EBITDA of just 4.

We await further details of the buyout offer; at present, we would advise considering not participating and betting on that the 75% ownership threshold will be crossed, which would force an obligatory buyout offer (alternatively a de-listing might be proposed by Bivideon) with a possibly higher per-share price.

The free float of the stock is 28%;
4.6% is in the form of GDR;
3.7% is held by J&T Banka;
3.4% is held by Credit Suisse Life&Pensions;
3.1% is held by CSOB;
and approx. 3% is held by Netla Management (CTK).

Jiri Soustruznik

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