06:24 AM EDT, 06/28/2024 (MT Newswires) -- Millicom International Cellular ( TIGO ) said Thursday an independent committee from its board found an all-cash tender offer from Atlas Luxco of $24 per share significantly undervalued.

Millicom recommended shareholders to consider that the company's equity free cash flow for 2024 will be more than $600 million, and that it is expected to reach its leverage target of 2.5x by the end of the year.

Shares of the company were up 4.5% in recent Friday premarket activity.