Law firm Davis Polk is playing a key role in the proposed takeover bid for Telefónica Deutschland Holding AG by its parent company, Telefónica. The legal advisory firm is providing counsel on U.S. securities law matters for Telefónica and its wholly-owned subsidiary, Telefónica Local Services.
The takeover bid, structured as a voluntary tender offer in the form of a partial offer, aims to acquire the shares of Telefónica Deutschland not currently owned, directly or indirectly, by Telefónica. The strategic move is aligned with Telefónica’s broader business strategy, emphasizing a focus on core geographies, including Spain, Brazil, Germany, and the United Kingdom.
The proposed offer price stands at EUR 2.35 per Telefónica Deutschland share, representing a substantial premium of approximately 37.6% over the closing share price on the Frankfurt Stock Exchange the day before the announcement. Additionally, it presents a premium of 36.3% over the volume-weighted average share price during the three-month period leading up to the announcement.
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Telefónica Deutschland, a leading integrated telecommunications provider in Germany, boasts over 44 million mobile accesses, including 1.7 million machine-to-machine accesses, and 2.3 million broadband accesses. Telefónica, listed on the New York Stock Exchange, is a global telecommunications giant offering fixed and mobile connectivity, along with an extensive range of digital services for residential and business customers across Europe and Latin America.
Davis Polk’s corporate team leading the advisory includes partner Michael J. Willisch and attorney Ester del Valle Izquierdo. Notably, all members of the Davis Polk team contributing to this strategic deal are based in the firm’s Madrid office.
Source: Iberian Lawyer
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