July 16, 2018 / 6:46 AM / in 3 months

Megafon to delist from London after buying shares from minority holders

MOSCOW, July 16 (Reuters) - Megafon, Russia’s No.2 mobile phone operator, said on Monday it intends to begin the process of cancelling its Global Depositary Receipts (GDRs) listing in London shortly after completion of a tender offer announced also on Monday.

As part of the tender offer, Megafon’s subsidiary will purchase up to 128,950,036 of the issued and outstanding ordinary shares and GDRs, representing 20.8 percent of the company’s issued and outstanding shares, for $9.75 for each ordinary share and for each GDR. (Reporting by Polina Devitt; editing by Jason Neely)

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