Telefonica says GVT offer fails to attract bids

Telefonica's Brazilian affiliate Telesp said that a public tender offer to buy control of rival GVT failed to attract enough takers.
The unit, known as Telesp, said it could not acquire the minimum number of shares required in the tender draft issued on Oct. 8, according to a securities filing. Telesp aimed at buying up to 100 percent of GVT stock in the tender offer.
France's Vivendi on Nov. 13 gained control of GVT, trumping Telefonica to gain a foothold in Latin America's biggest market. Under terms of the Vivendi bid, GVT is valued at $4.2 billion.
In a surprise move, Vivendi acquired 37.9 percent of GVT's voting shares for 56 reais each and disclosed that it had the right to exercise irrevocable options for an additional stake of 19.6 percent. Vivendi will also launch a tender offer of 56 reais a share for all of GVT's share capital. Telefonica kept its 50.5 reais-a-share tender offer unchanged.