CTC bylaw amendment clears way for Telefónica to acquire remaining 55.1% of company's shares

By Lisa Kerner

Charlotte, N.C., Oct. 29 - Compania de Telecomunicaciones de Chile SA shareholders approved a bylaw amendment, removing the current ownership restriction that limits to 45% the percentage of CTC shares that may be owned or voted by a single shareholder.

As a result, Telefónica SA will proceed with its offers to acquire the remaining 55.1% of CTC shares it does not own.

On Sept. 17, Telefónica subsidiary Inversiones Telefónica Internacional Holding Ltda. began its tender offers for CTC simultaneously on the Stock Exchange of Santiago de Chile and on the New York Stock Exchange.

Telefónica will pay 1,100 Chilean pesos per CTC series A share, 990 Chilean pesos per CTC series B share and 4,400 Chilean pesos per CTC American Depositary Share.

The U.S. offer ends at midnight ET on Friday, and the Chilean offer will expire at 11 p.m. ET on Thursday, Telefónica said.

Based in Madrid, Telefónica provides fixed and mobile telephony services through telecommunications networks in Spain, Europe and Latin America. CTC is a Santiago, Chile, telecommunications company.

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