Millicom’s Board Committee Rejects Xavier Niel’s Improved Bid

Millicom International Cellular SA rejected a raised offer from billionaire Xavier Niel who is seeking to buy the Latin American phone carrier for $4.4 billion.

Niel’s Atlas Luxco Sarl last week offered $25.75 a share in cash for Millicom, which improved on a previous offer of $24 a share after the company’s independent board committee dismissed the initial offer as too low. In a statement published Friday, Millicom said the committee thinks the price offered remains unsatisfactory since it “continues to be well below trading multiples for comparable listed companies.”