Telekom Austria had upped its bid for a controlling stake in Serbian incumbent Telekom Srbija.
The telco has submitted a revised conditional bid of 1.1 billion for a 51% share in the Serbian operator. On March 21, Telekom Austria offered an equity value amounting to Â800 Â 950 million and the commitment to invest a total of Â450 million over a three-year period. This offer was conditional upon merger control clearance in Serbia, resulting in consolidation of the market and an agreement to address Telekom SrbijaÂs cost structure within a pre-agreed time period. These conditions also apply to the latest offer, which consist of a cash payment totalling Â800 million due at the closing of the transaction along with annual cash payments which will take place over a period of nine years after the closing of the transaction.
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