VTB yesterday agreed to pay $2.4bn in cash and take on the unit’s $1.15bn debt.
However, Alfa’s investment arm A1 said today it is willing to make an all-cash offer of up to $4bn for the business with no debt financing.
It added that the terms offered by VTB short-changed minority shareholders and failed to reflect the market value of Tele2 Russia.
A1 claims it made an offer for the business on more favourable terms than VTB in October, but it was rejected by Tele2’s advisors Morgan Stanley without “reasonable explanation or discussion”.
A1 said, “We would like to remind all Kinnevik and Tele2 stakeholders that Alfa Group has developed the world’s fifth largest telecom company, Vimpelcom, underlining a long – term interest towards the telecommunications industry.
“The shareholders of Alfa Group are committed to invest in the telecom business.
“It is our belief that the VTB – Tele2 deal is not in the best interests of Kinnevik and Tele2 minority shareholders.”
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