Screw you

4 November 2009 By Aliza Rosenbaum

The Spanish operator had already topped the French media group s offer for Brazilian telecom upstart GVT. Telefónica has now raised its bid by 5% more to $3.8bn. As a result of Brazilian takeover laws, that leaves Vivendi even further in the dust.

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On November 4, Telesp, the Brazilian subsidiary of Spain's Telefónica, bid R$50.5 a share for GVT. That represents a 5.2% increase on its prior bid of R$48 a share made on October 7. Telefónica's tender offer would take place on November 19.

GVT shareholders unanimously voted to remove the company's poison pill on November 3. The company approved a minimum price of R$48 a share for any bid. Following the announcement, trading volume of GVT shares jumped as over 5m shares changed hands – the most since Telefonica's first bid on October 7.

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