By Mauro Orru

Telefonica Deutschland Holding said a cash offer from its Spanish owner for a stake that it doesn't already own is fair and recommends that shareholders accept it.

The German telecommunications company said Tuesday that the recommendation came after its management and supervisory boards had conducted separate and independent reviews of the offer from Spain's Telefonica.

Earlier this month, Telefonica offered 2.35 euros ($2.55) a share in cash for a 5.65% stake in Telefonica Deutschland to delist the company from the Frankfurt Stock Exchange.

Telefonica Deutschland said the acceptance period, which opened on March 20, would run until April 18.

Write to Mauro Orru at

(END) Dow Jones Newswires

03-26-24 1310ET