Niel stepped over 20% (including treasury shares on the 15th, 13D was excluding). This filing has him with 250k more shares than what was known earlier. https://www.millicom.com/media/5497/atlas-luxco-sarl-major-holding-notification-20230317.pdf

This probably means that he has been buying shares throughout the week (settlement date on the 15th for shares bought on the 13th). And the trading today was likely influenced by heavy buying just before a filing went official, which has been the usual pattern.

Next up is SEC filings where we will likely see in more detailed ways exactly how many shares were bought in total. With potential darkpool trading probably up to a few percent of outstanding thus far, if we think he has been buying all week.

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Thanks for your thoughts!

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Mar 23·edited Mar 23

Did you see the notice of change in the nomination committee just now? Xavier has a guy on the committee now. What do you think that means for a takeover?

He seems to be from Iliad.

Thank you!

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He just filed again. Picked up another percentage.

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What do you think is happening at the moment? Have a feeling this is going to end quite badly in the short term, in other words no takeover of any kind. Sure, Niel bought 250k more shares. But it's been month since he really bought a lot now, seems like he is kind of done at 20%. With the current "bank crisis" he must be having a harder time getting financing to buy more as well. The price action is kind of unsettling as well, and is usually a good indicator in takeover scenarios.

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Mar 16·edited Mar 16

Must say I was quite surprised by the last two days downward move.

I still believe that the most likely move is Xavier, in a consortium, takes the company private. With each partner in the consortium taking a stake, and thus avoiding triggering a change of control clause.

Also believe, after emailing a bit with Michel Morin, that the proposed board will be revealed within a week, most likely Monday. If there isn't someone from Niel on there, I believe that will confirm an impending takeover from him.

Would you agree that's still likely?

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Nice find. Like that you're listening to Iliad's call.

What do you make of today's move in the stock? Quite low volume, considering the large drop. Hopefully Niel vacuums everything again, as he doesn’t seem to mind buying at these levels.

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