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Teo agrees to TeliaSonera acquisition

The board of Lithuanian telco Teo has agreed that an offer from TeliaSonera to acquire the remaining shares it does not already own is “fair”.

In August, Nordic telco TeliaSonera made an offer for all the shares in Teo that it does not already own. It offered LTL527m (€154m), or LTL1.83 per share. Teo had requested an opinion from investment bank N M Rothschild and Sons concerning the fairness of the offer price.

“The intention is to continue the current business activities of Teo and the Board is of the opinion that the offer will not have an impact on the employment conditions,” Teo said in a statement.