Millicom, China Mobile Break Up

Millicom says it has ended all discussions over a planned sale to a buyer and implies that the offer that was being mulled over was just not high enough. The WSJ says that’s the end of the $5.3 billion deal with China Mobile, and that the deal fell through just hours before Millicom execs were to fly to Beijing. Wall Street seemed to disagree with the idea of a higher price for Millicom, and the company’s stock dropped by 26.63% on the news of the dashed deal. Looks like China Mobile will start looking elsewhere for its first international acquisition–likely for a company that won’t ask for that high of a premium.