Embratel sets September 9 as date to buy Net's preferred shares

摘要

Brazilian long-distance telecoms operator Embratel Participacoes announced that it plans to hold a public tender offer to acquire all the preferred shares of cable TV and broadband provider Net Servicos de Comunicacao (Net) on September 9, 2010. Embratel already owns 21.25 percent of Net's preferred shares and is moving to purchase all outstanding preferred shares, totaling 199.12 million shares. The value of the transaction could total BRL4.58 billion (US$2.6 billion) based on Embratel's offer of BRL23 per Net preferred share.