KPN Rejects America Movil's $3.2B Tender Offer

Law360, New York (May 30, 2012, 1:19 PM EDT) -- Dutch telecommunications company Koninklijke KPN NV has rejected a $3.2 billion tender offer by Mexican telephone company America Movil SAB de CV for roughly 23 percent of the Dutch firm's common stock, KPN said Wednesday.

KPN, which has struggled to stay profitable during the European debt crisis, said the America Movil offer of $9.95 per KPN share substantially undervalues the company.

KPN made its announcement a day after America Movil made the offer, which would increase its stake in the Dutch telecom firm to roughly 27.7...
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