Millicom (Tigo) comments on shareholder communication

Rhea-AI Summary

Millicom (Tigo) has received a non-binding expression of interest from shareholder Atlas Luxco S.à.r.l. regarding a potential all-cash tender offer for all outstanding shares at $24 per share. This follows Atlas's earlier press release and Form 13D filing. The Board of Directors will review any forthcoming offer, but there is no certainty of a transaction occurring, nor clarity on its terms, timing, or form.

Positive

• Potential all-cash tender offer at $24 per share by Atlas Luxco S.à.r.l.
• Expression of interest signals potential future investment and liquidity opportunities for shareholders.

Negative

• No certainty that a transaction will materialize.
• Unclear terms, timing, and form of any potential transaction.
• Non-binding nature of the expression of interest adds uncertainty.

News Market Reaction

+1.43%

1 alert

+1.43% News Effect

On the day this news was published, TIGO gained 1.43%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Millicom (Tigo) comments on shareholder communication

Luxembourg, May 23, 2024 – The Board of Directors of Millicom International Cellular S.A. (“Millicom”) confirms that it received today a non-binding expression of interest from one of its shareholders, Atlas Luxco S.à.r.l (“Atlas”).  Consistent with the prior press release filed this morning by Atlas, and with the Form 13D filed by Atlas later today, the letter indicates that Atlas is exploring financing options to support a potential all-cash tender offer for all outstanding shares in Millicom at a price of US$24 per share, and its SEK equivalent per SDR.  

The Board of Directors will carefully review any offer, should one be made.  There is no certainty that a transaction will materialize nor as to the terms, timing or form of any potential transaction.

-END-

For further information, please contact:

Press:	Investors:
Sofia Corral, Director Corporate Communications press@millicom.com	Michel Morin, VP Investor Relations investors@millicom.com

About Millicom
Millicom (NASDAQ U.S.: TIGO, Nasdaq Stockholm: TIGO_SDB) is a leading provider of fixed and mobile
telecommunications services in Latin America. Through our TIGO® and Tigo Business® brands, we provide a wide range of digital services and products, including TIGO Money for mobile financial services, TIGO Sports for local entertainment, TIGO ONEtv for pay TV, high-speed data, voice, and business-to-business solutions such as cloud and security. As of March 31, 2024, Millicom, including its Honduras Joint Venture, employed approximately 15,500 people, and provided mobile and fiber-cable services through its digital highways to more than 45 million customers, with a fiber-cable footprint over 14 million homes passed. Founded in 1990, Millicom International Cellular S.A. is headquartered in Luxembourg.

FAQ

What did Atlas Luxco S.à.r.l. propose to Millicom?

Atlas Luxco S.à.r.l. expressed a non-binding interest in a potential all-cash tender offer for all outstanding shares of Millicom at $24 per share.

Is there a confirmed tender offer for Millicom shares?

No, there is no confirmed tender offer. The expression of interest is non-binding and there is no certainty that a transaction will occur.

What price is proposed for Millicom shares by Atlas Luxco S.à.r.l.?

The proposed price is $24 per share.

When did Millicom receive the expression of interest from Atlas Luxco S.à.r.l.?

Millicom received the expression of interest on May 23, 2024.

What are the next steps for Millicom regarding the offer from Atlas Luxco S.à.r.l.?

The Board of Directors will carefully review any offer, should one be made, but there is no certainty regarding the outcome.