InsideArbitrage Potential Deal Alert: Billionaire Xavier Niel’s Atlas Investissement Weighs Potential Buyout Bid for Millicom (TIGO)

POTENTIAL DEAL DETAILS

Billionaire Xavier Niel’s holding company Atlas Investissement announced that it is exploring a potential all-cash tender offer for Millicom (TIGO) securities. In connection with such preliminary efforts, Atlas is exploring financing options to support an offer price of $24 per common share, and its SEK equivalent per SDR.

Millicom International Cellular S.A. Investor Relations

Atlas Investissement Investor Relations

Update(s):

June 27, 2024: Independent committee of Millicom (TIGO) board believes the anticipated takeover offer by Atlas at $24 per share would significantly undervalue Millicom in light of expected financial performance.

July 1, 2024: Atlas Luxco S.à r.l., a subsidiary of Atlas Investissement S.A.S., announced public offers to purchase all of the outstanding common shares and Swedish Depositary Receipts (SDRs) of Millicom International Cellular (TIGO) for $24.00 in cash per common share and SDR. Atlas Luxco offered separate but concurrent public offers in Sweden and the United States to the shareholders in Millicom to tender all of their common shares, with a nominal value of $1.50 per share, including SDRs representing common shares in Millicom to Atlas. The Offers value Millicom at approximately $4.1 billion.

July 15, 2024: Millicom International Cellular (TIGO) announced that an Independent Committee of the Board determined that the all-cash tender offers in the U.S. and Sweden by Atlas Luxco significantly undervalue Millicom and are not in the best interests of Millicom and the shareholders. The committee recommends that shareholders reject the offers and not tender their shares under the offers.

August 2, 2024: Billionaire Xavier Niel increased his bid for Millicom International Cellular (TIGO) to approximately $4.4 billion. Niel’s Atlas Luxco Sarl has raised its offer to $25.75 per share in cash, an increase from the previous bid of $24 per share. Atlas has stated its intention to expand the reach and capacity of Millicom’s networks and distribution capabilities to grow its customer base. The acceptance period ends on August 16, 2024.

August 6, 2024: Millicom International Cellular (TIGO) announced that the Independent Committee will review the revised offers from Atlas. The committee intends to announce its recommendation regarding the revised offers within the next five business days.

August 9, 2024: The independent committee of Millicom’s (TIGO) board announced that it continues to believe that Atlas Luxco’s higher cash offer of $25.75 per share still undervalues Millicom. They advise shareholders not to accept the offer, as they feel it does not reflect Millicom’s true worth, even with the recent financial improvements.

August 23, 2024: Atlas Luxco completed its public offers to Millicom (TIGO) shareholders, increasing its ownership in the company to 40.42% of Millicom’s shares and voting rights. The offers, made in both Sweden and the United States, allowed Atlas to acquire over 19 million additional shares, bringing its total to over 69 million shares. The acceptance period ended on August 22, 2024, and Atlas declared the offers unconditional, with settlement for the tendered shares expected around September 2, 2024.

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