NEW YORK-Olivetti S.p.A. and Mannesmann AG commenced a tender offer of $65.75 per share for all of the outstanding shares of Cellular Communications International Inc.’s common stock.
Olivetti and Mannesmann Dec. 11 announced plans to purchase Cellular Communications through Kensington Acquisition Sub Inc., a company formed to facilitate the transaction. The deal gives Olivetti and Mannesmann an indirect 10.3-percent interest in Italian mobile operator Omnitel-Pronto Italia S.p.A.
The tender offer is scheduled to expire at midnight Jan. 15. Following consummation of the offer, Kensington will acquire all the shares not purchased during the tender offer, according to the merger agreement.
