GTH board approves Grant Thornton valuation report

Global Telecom Holding’s (GTH) board has approved the updated valuation report prepared by independent financial advisor Grant Thornton in relation to Veon’s bid to acquire GTH’s operating assets and the mandatory tender offer (MTO), the company said in a bourse filing (pdf). The report valued GTH at EGP 4.93 per share, slightly lower than the EGP 5.08 MTO price. Veon has nearly completed its purchase of the remaining 42.3% of GTH in an MTO after it reached a USD 136 mn settlement with the tax authority last month. You can read Grant Thornton’s full report here (pdf).