Egypt's Orascom Telecom Holding said its board of directors had recommended rejecting an offer by a subsidiary of Russian billionaire Mikhail Fridman's Altimo to buy out the mobile company for $0.70 a share.
Cyprus-based Altimo made the offer in late March.
A statement by Orascom said that an independent financial adviser had put a fair value Orascom's shares at $0.86 per share.
"Hence we see that the offer price is below the fair value of the share by 18.7 percent," the statement said.
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