Latin buy-out

Telefonica's tender offer for three Latin American telecom firms sent the Latin markets into a flurry of activity in late winter, as the Spanish company offered minority shareholders a high premium to sell. That made overnight fortunes for some and invigorated the stocks of certain Latin telcos, but the offer also posed a few problems. Telefonica's decision to buy out the minority interests in Telefonica del Peru, Telefonica de Argentina, Telesp Participacoes and Brazilian cellular company