Millicom Receives Preliminary Offer From Liberty; Skeptical of Deal, but Millicom Undervalued
Millicom confirmed it received a highly conditional preliminary offer from Liberty Latin America, or Lilac. We are skeptical of such a deal actually transpiring. Thus, we are maintaining our Millicom $86 per ADR fair value estimate and narrow moat rating. We agree that Millicom’s shares are undervalued. Lilac was spun out of Liberty Global in 2017 and is controlled by John Malone. However, neither company's shares have performed well since the spin-off, and Lilac now has a market capitalization ...
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