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Article: Brazil : Oi to appeal CVM's ruling on Tele Norte Celular tender offer.

Article from:
TendersInfo
Article date:
October 18, 2008
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Byline: pinto03

Brazilian telecoms operator Oi plans to appeal an October 15 decision by the country's securities regulator CVM to increase the amount it must offer for outstanding common shares in mobile operator Amazonia Celular and its controlling shareholder Tele Norte Celular, the newswire Agencia Estado reported.

After an investor suit, a technical committee at the CVM ordered Oi to raise the offer by 17.69% in both cases. This means an increase to 93.58 reais (US$ 42.57) per Tele Norte Celular share from 79.51 reais, and to 143.13 reais from 121.61 reais for Amazonia Celular shares.

Oi launched the ...

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