WOM’s Bond Rally Stalls as Sale Underwhelms With Single Bidder
- Bid came from bondholder group including BlackRock, Amundi
- Competition in Chile’s mobile phone market to remain cutthroat
The bondholder proposal includes $500 million in new investment in WOM, which it values at $1.6 billion.
Photographer: Jair F. Coll/BloombergThis article is for subscribers only.
A rally in the bonds of Chile’s WOM stalled this week after the mobile phone operator, which filed for bankruptcy seven months ago, failed to entice additional takeover bids to the one it had already announced.
In a statement Tuesday, WOM said no other companies had made an offer, but the party that made the initial bid had improved its proposal. That group is made up of bondholders including BlackRock Inc., Moneda and Amundi SA, according to a person familiar with the matter. Their so-called stalking horse bid was announced on Nov. 1.