Millicom’s $4.1 Billion Hostile Tender Offers From Atlas

Cleary Gottlieb is representing Nordea in connection with the all-cash tender offers by Atlas Luxco S.à r.l (Atlas) (an entity controlled by Xavier Niel) for all outstanding common shares and Swedish depositary receipts (SDRs) in Millicom International Cellular S.A. (Millicom) at a price of $24 per common share and per SDR.

The tender offers value Millicom at approximately $4.1 billion. Atlas is currently the largest shareholder in Millicom holding ~29% of its shares.

On July 15, 2024, the independent committee of the board of directors of Millicom recommended that shareholders of Millicom reject the tender offers on the basis that they significantly undervalue Millicom and are not in the best interests of Millicom and its shareholders. In support of the independent committee’s recommendation, Nordea provided an opinion to the independent committee stating that, as of July 12, 2024, and based upon and subject to the matters considered, the procedures followed, the assumptions made and various limitations of and qualifications to the review undertaken set forth in its written opinion, the offer price of $24 per common share and per SDR was not fair, from a financial point of view, for the holders of common shares and SDRs.

Millicom (NASDAQ U.S.: TIGO, Nasdaq Stockholm: TIGO_SDB) is a leading provider of fixed and mobile telecommunications services in Latin America. Millicom is incorporated in Luxembourg and its common shares are listed on Nasdaq and its SDRs are listed on Nasdaq Stockholm.

For more information, please see the press release available here.