OREANDA-NEWS. On August 24, 2009 Teliasonera announced its decision to make a public offer for all the shares in the listed Estonian telecom operator Eesti Telekom, offering to pay 93 kroons for each share.

On Friday, Eesti Telekom closed at 74.79 kroons on the Tallinn stock exchange.

The offer concerns all shares in Eesti Telekom that Teliasonera does not own, or approximately 55 million shares representing about 39.88 percent of total shares.

The offer is not conditional and has no minimum threshold of shares acquired.

The total amount of the offer is 5.117 billion kroons (EUR almost 327 mln), which represents an offer price premium of respectively 28.5 percent over the 180-day volume-weighted average share price and 34.4 percent over the 60-day volume-weighted average share price of AS Eesti Telekom, and 24.3 percent over the closing market price of August 21, 2009, Teliasonera said.

The acceptance period of the offer begins on the date when the prospectus is published, currently expected on September 9, 2009, and it will last for 30 calendar days. The dates are indicative and subject to change pursuant to the approval of the documents by the Estonian Financial Supervision Authority (FSA).

Teliasonera also announced a cash offer for all the issued shares of the Lithuanian listed telecom group TEO LT that it does not already own.

SEB Enskilda is acting as Teliasonera's sole financial adviser in the transaction. Raidla Lejins & Norcous is acting as TeliaSonera's Estonian legal adviser and Sullivan & Cromwell LLP as international legal adviser.

Teliasonera holds the ownership stakes in the Baltic telecom groups through its 100-percent subsidiary Baltic Tele AB.