Portugal Telecom criticized a $1.5 billion takeover offer from a firm controlled by Africa’s wealthiest woman, saying it undervalues the company, and that she indirectly hurt the price of the shares she now wants to buy.
Brazilian telecom operator Oi SA has rejected the terms set in a takeover offer for a Lisbon-listed holding company in which it holds a 10% stake, amid concerns that it may complicate its plans to grow in Brazil.
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