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Technology Stocks : Nuevo Grupo Iusacell (CEL)
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To: Rob Preuss who wrote (181)7/26/2003 4:50:29 PM
From: Dennis Roth  Read Replies (1) of 206
 
Verizon, Vodafone Reject Higher Bid For Mexico's Iusacell
biz.yahoo.com
MEXICO CITY -(Dow Jones)- Mexican wireless operator Grupo
Iusacell SA said Friday that its two main shareholders have again
rejected a counteroffer from creditor Fintech Advisory Inc. to buy
the company.
[ snip ]
Distressed debt investor Fintech decided to fight back with a
counter bid of $ 15 million plus the assumption of debt. That offer,
as well as a $20 million offer, were both shot down.

Fintech Managing Director David Martinez said Friday that the
firm's third and latest offer, of $40 million plus debt, would likely
be its last. Vodafone and Verizon have until Aug. 28 to change
their minds.

"At a time when Verizon and Vodafone are asking their
shareholders and employees to accept billions of dollars in losses
from failed investments in Latin America... we would think that
quadrupling your consideration in this sale would merit a change
in your position," Fintech President Julio Herrera said in a letter
to Verizon and Vodafone executives.

UPDATE - Fintech final bid for Mexico's Iusacell rejected
biz.yahoo.com
MEXICO CITY, July 25 (Reuters) - Majority shareholders in
Mexico's No.3 mobile phone operator Iusacell on Friday rejected
a $40 million bid from bond investor Fintech Advisory, effectively
putting the company in the hands of a Mexican business tycoon.
[ snip ]

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Verizon and Vodafone are so dumb that when they decide to sell off their multi billion dollar mistake they paint themselves into such a box that they cannot consider a better offer at quadruple the price.
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