EQS-Adhoc: Telefónica Deutschland intends to delist, delisting agreement signed, Telefónica Local Services plans delisting acquisition offer, expected change to dividend policy
Source: EQS
EQS-Ad-hoc: Telefónica Telefónica
Based on this delisting agreement, Telefónica Deutschland shall apply for revocation of the admission of Telefónica Deutschland shares to the regulated market (so-called delisting) after publication of a public delisting acquisition offer by Telefónica Local In the delisting agreement, the Bidder has committed to launch a public delisting acquisition offer to Telefónica Deutschland shareholders in the form of a cash offer to acquire all shares of the Company not already directly held by the Bidder against the payment of a cash compensation of Considering all circumstances, Telefónica Deutschland's Management Board and Supervisory Board have concluded that the signing of the delisting agreement and the delisting are in the company's best interest. This decision is particularly based on the Management Board’s and the Supervisory Board’s view that the listing has lost its relevance for the Company and, therefore, the delisting is favourable with regards to strategic and financial considerations. Against this background, Telefónica Deutschland has agreed to support the delisting acquisition offer subject to the review of the offer document and within the scope of its legal obligations. Without undue delay after publication of the offer document, the Management Board and the Supervisory Board will issue a reasoned statement pursuant to section 27 WpÜG on the delisting acquisition offer of Telefónica Local The Delisting will become effective after the expected decision of the Against the background of the planned delisting, the originally envisaged date in May for the Company's Annual General Meeting will be postponed to a later date, yet to be announced. In any event, the AGM will take place after the settlement of the delisting offer and no earlier than The Bidder and its parent company Telefónica, S.A. have informed the Company that, apart from the dividend for the financial year 2023, they currently do not intend to support the distribution of dividends for further financial years.
End of Inside Information
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Language: | English |
Company: | Telefónica |
Georg-Brauchle-Ring 50 | |
80992 München | |
Phone: | +49 (0)89 24 42 0 |
Internet: | www.telefonica.de |
ISIN: | DE000A1J5RX9 |
WKN: | A1J5RX |
Listed: | Regulated Market in |
EQS News ID: | 1853221 |
End of Announcement |
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1853221 07-March-