Millicom (Tigo) updates on the conditions for its ongoing share repurchase activity
Rhea-AI Summary
Millicom (Tigo) has announced updates to its ongoing share repurchase program. Due to Swedish regulatory requirements, the company will not repurchase Swedish Depositary Receipts (SDRs) or Millicom U.S. Shares at prices exceeding USD 25.75 or its SEK equivalent until March 2, 2025. This price ceiling corresponds to the increased offer price previously made by Atlas Luxco S.à r.l in its public takeover offer for Millicom's SDRs and U.S. Shares earlier this year.
Positive
- Price ceiling provides clarity for shareholders regarding buyback terms
- Ongoing share repurchase program demonstrates commitment to shareholder value
Negative
- Price cap of $25.75 limits buyback flexibility
- Regulatory restrictions may impact buyback effectiveness
News Market Reaction
On the day this news was published, TIGO declined 0.24%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Millicom (Tigo) updates on the conditions for its ongoing share repurchase activity
Luxembourg, December 17, 2024 - Millicom hereby informs that, due to Swedish regulatory considerations, Millicom will, during the period until March 2, 2025, not be repurchasing SDRs or Millicom U.S. Shares at a price above USD 25.75 or the equivalent amount in SEK (such price being the increased offer price that Atlas Luxco S.à r.l offered holders of SDRs and Millicom U.S. Shares in its public takeover offer for Millicom’s SDRs and U.S. Shares earlier this year).
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For further information, please contact
| Press: Sofía Corral, Director Corporate Communications press@millicom.com | Investors: 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 September 30, 2024, Millicom, including its Honduras Joint Venture, employed approximately 15,000 people, and provided mobile and fiber-cable services through its digital highways to more than 46 million customers, with a fiber-cable footprint of about 14 million homes passed. Founded in 1990, Millicom International Cellular S.A. is headquartered in Luxembourg.
FAQ
What is the maximum price TIGO will pay for shares in its buyback program?
How long will TIGO's share repurchase price restriction remain in effect?
Why did TIGO implement a price cap on its share repurchase program?
What types of shares are affected by TIGO's buyback price restriction?
