KPN (NYSE:KPN, news) isn't going to help Carlos Slim's América Móvil in its unsolicited bid for a 27.7% stake. Today the company's board recommended that shareholders 'take no action' in response to the offer, saying that the proposed €8 price offers no premium to shareholders.
Of course, it's perfectly clear that the Mexican billionaire is mostly looking to take advantage of the current low public valuation. But KPN has deeper worries, stating that América Móvil's 'underlying intentions 'remain unclear' and complaining that América Móvil is not willing to enter into a shareholder agreement.
Meanwhile, KPN wishes to continue pursuing other strategic alternatives. That includes options for its Belgian mobile unit they were already working on, but now they have also begun a review of the German E-Plus unit. The company also reaffirmed its full year 2012 guidance.
With Slim lowballing things, I wonder how long it will be before we see a strategic buyer come in and raise the stakes.