Telecoms group KPN has again stated it believes the €8 offer for 27.7% of its shares by Mexican firm América Móvil is too low.

Both the management and supervisory boards are of the opinion the offer ‘substantially undervalues’ the company. ‘KPN will continue to explore all strategic options,’ the company said in a statement.
KPN said it will publish a formal response to the offer shortly, in line with Dutch financial regulations.
América Móvil, owned by the world’s richest man Carlos Slim, already owns 4.8% of the Dutch firm and sees the bigger stake as a way of breaking into the European market, according to media reports.
Under Dutch merger and acquisition rules, shareholders with a stake of more than 30% in a Dutch firm are required to make a formal takeover offer.