June 9, 2020 / 10:49 AM / a month ago

MasMovil shareholder asks board to seek better bid as current offer too low

MADRID, June 9 (Reuters) - Investment fund AllianceBernstein , which holds a stake in Spanish telecom firm MasMovil , said on Tuesday the takeover offer filed by three private equity funds is too low and asked its board to seek better terms or rival bids.

Buyout funds KKR, Cinven and Providence launched a 2.96 billion euro ($3.34 billion) offer on MasMovil on June 1.

AllianceBernstein holds 1.25% in MasMovil, according to data from Eikon. (Reporting by Inti Landauro, Abhinav Ramnarayan and Isla Binnie; Editing by Jan Harvey)

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