LONDON (Alliance News) - Zegona Communications PLC on Monday said it has been notified that there is another bidder interested in acquiring Spanish mobile telecommunications firm Yoigo, after confirming its exclusivity period with TeliaSonera, parent company of Spanish mobile telecommunications firm Yoigo, expired earlier this month.
In March, Zegona confirmed media speculation it potentially would acquire Yoigo in a reverse takeover, and entered into an exclusivity agreement. However, at the beginning of June, Zegona said the agreement had expired.
On Monday, Zegona said, despite reaching agreement with TeliaSonera within the original exclusivity period and having fully agreed documentation and 100% underwritten financing, discussions with Yoigo's minority shareholders have not led to a full agreement.
Zegona added that it has been notified that there is another unnamed bidder interested in acquiring Yoigo, which is willing to offer a price higher than that which it considers to be "fair and reasonable given the status of the business".
However, Zegona said the higher offer was conditional on due diligence, fully agreed documentation and the ability to secure significant financing and, as such, the company said it is still looking to progress its reverse takeover of the company, whilst also evaluating other acquisition opportunities.
Shares in Zegona were untraded on Monday. They last closed at 134.00 pence.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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Zegona Com (ZEG)