Altimo will not make new offer for OTH

Altimo has said it will not make another offer for Orascom Telecom (OTH), after its previous bid was declined.

Last week, the Russian firm failed to secure a direct majority stake in Egypt-based OTH, and on Sunday, Altimo told reporters it had no plans to launch a counter offer to buy out minority shareholders in OTH.

“EFSA (the Egyptian Financial Supervisory Authority) didn’t give us the waiver to reopen tender and permitted only withdrawals so we couldn’t proceed with the offer though we were willing to,” said Evgeny Dumalkin, VP at Altimo.

“At the moment there are no plans to launch a new offer.”

Altimo first noted an interest in Orascom in April, offering an estimated $1.8 billion to buy out minority shareholders in the company.