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Millicom’s (Tigo) Independent Committee Issued Recommendation Under U.S. and Swedish Rules That Shareholders and SRD Holders Reject the Tender Offers Made by Atlas Luxco S.à r.l
Millicom’s (Tigo) Independent Committee Issued Recommendation Under U.S. and Swedish Rules That Shareholders and SRD Holders Reject the Tender Offers Made by
About this update from Millicom International Cellular S.a.
[{"type":"text","content":"Millicom’s (Tigo) Independent Committee Issued Recommendation Under U.S. and Swedish Rules That Shareholders and SRD Holders Reject the Tender Offers Made by Atlas Luxco S.à r.l Luxembourg, July 15, 2024 – Millicom International Cellular S.A. (“Millicom”) today announced that a committee of independent members of its Board of Directors (the “Independent Committee”), following deliberation and discussions with Millicom’s financial advisors, has unanimously determined that the all-cash tender offers in the U.S. and Sweden (collectively, the “Offers”) by Atlas Luxco S.à r.l and its affiliates (“Atlas”) for all outstanding common shares and SDRs in Millicom (collectively, the “Shares”; holders of common shares and SDRs are collectively referred to as “Shareholders”) that Atlas does not currently own at a price of USD 24 per share (and the SEK equivalent per SDR) (the “Offer Price”) significantly undervalue Millicom and are not in the best interests of Millicom and the Shareholders. The Independent Committee unanimously recommends that Shareholders reject the Offers and not tender their Shares pursuant to the Offers. As further detailed in the solicitation / recommendation statement on Schedule 14D-9 (the “Schedule 14D-9”) filed by Millicom today with the Securities and Exchange Commission (the “SEC”) and published on Millicom’s website, and the statement of the Independent Committee (the “Swedish Recommendation Statement”) made under the Takeover rules for Nasdaq Stockholm and Nordic Growth Market NGM (the “Swedish Takeover Rules”), the Independent Committee’s recommendation that Shareholders reject the Offers is based on the following reasons, among others: the Offer Price significantly undervalues Millicom, including based on the following considerations: the Offer Price does not adequately take into account expectations based on Millicom’s long-range plan that Millicom will generate Equity free cash flow of $659 million, $701 million and $833 million in 2024, 2025 and 2026, respectively;the Offer Price does not adequately take into account that, as previously announced and based on results through mid-June 2024, Millicom’s Equity free cash flow for full year 2024 is expected to be above $600 million (with this expectation not including Millicom’s prior receipt of $46 million of net proceeds from its previously announced Colombia ...