Atlas Luxco the investment vehicle of billionaire Xavier Niel raised its offer to acquire Latin America-focused operator group Millicom to US$4.4 billion.
In a statement, Atlas Luxco detailed that it increased its offer from US$24 per share by 7.3% to US$25.75, equating to US$4.4 billion, a “compelling” price it said. The company made the offer to push the deal through and keep on schedule for the potential acquisition.
Atlas argued the offer is the highest share price Millicom had ever reached on the market in the last two years until May 22 this year, when speculation around the acquisition arose.
Atlas is Millicom’s largest shareholder with a stake of 29%, a stockpile it had been building since 2022.
Last month the Millicom board urged shareholders to reject Atlas’ last offer of US$24 per share which equated to around US$4 billion. Atlas began its takeover plans at the beginning of July.
