Portugal: Rival offer counters Altice’s bid for Portugal Telecom

Altice’s bid to acquire Portugal Telecom last week is being met with a new, rival offer, say reports.

The daughter of Angola’s president is reportedly launching a buyout bid for Portugal Telecom. Isabel dos Santos is looking to acquire more than 50 percent of the company through her own Portuguese-registered firm Terra Peregrin. The plans were announced by Portugal telco watchdog CMVM.

The future of Portugal Telecom has been in limbo in recent months following its merger with Brazil’s Oi earlier this year; while it still holds 25.7 percent of Oi, Portugal Telecom has been plagued by more than $1 billion in defaulted debts by a bankrupt holding company – debts Oi says were not disclosed by Portugal Telecom before their merger was consummated.

France-based Altice offered to acquire Portugal Telecom for $8.7 billion last week.

Full content: Reuters

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