09:33 AM EDT, 08/09/2024 (MT Newswires) -- Millicom International Cellular ( TIGO ) board's independent committee said Friday that the increased offer of Atlas Luxco still "significantly" undervalues the company and reiterated its recommendation that the shareholders reject the offer and not tender their shares.

The committee said it considered Millicom's "strong" Q2 financial results and sought an updated opinion from Nordea in its review of the revised offer price.

Atlas Luxco, a unit of Atlas Investissement, increased its offer to buy Millicom shares on Aug. 2 to $25.75 per share after the Millicom board committee rejected the July 1 initial offer of $24 per share, Millicom said.

Atlas Luxco is the largest shareholder of Millicom through its affiliates, holding about 29% of the share capital and the total number of votes in Millicom as of Aug. 2, according to the board committee.

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