13D filing by a French company, who bought 13.3% of DEST, informing marketplace of its 10/29 offer to acquire (rebuffed as too low by DEST board with a 45% premium and low cash component), and acquirer's continued interest in discussing. Its reported buys:
There's been a big bidder for shrs of PBIB at $1.50 for several weeks now. 52.7k shrs presently bid--and that's what they're showing! I'd bet there is a desire to build a real position in this one. They are certainly being patient.
The cash is in euros, received from the sale of Portugal Telecom to Altice. Oi still has the PT bonds outstanding. Given Oi's credit profile, it makes sense to hold onto that liquidity, because if it were to settle the debt, who would lend to it at the moment? The good news---very good news--is that regardless of what happens to the real/euro exch rate, it has no net impact on the economics of Oi.