June 27 (Reuters) - An independent committee of telecom

firm Millicom International Cellular's board members

confirmed on Thursday it has been in talks with Atlas

Investissement over a potential buyout, but said the offer

undervalued the company.

French billionaire Xavier Niel's investment vehicle Atlas,

which is the top shareholder of Millicom with a 29% stake

according to a company filing in May, said last month it was

exploring financing options to support an offer price of $24 per

common share for the telecom company.

The independent committee said the offer price would

"significantly undervalue Millicom and not be in the best

interests of Millicom's shareholders".

The committee said it will carefully review any information

disclosed by Atlas in connection with its offer and will issue

its formal recommendation to Millicom's shareholders.

U.S.-listed shares of Millicom, which provides

telecom services in Latin America through its TIGO brand, gained

about 29% this year, giving the company a market value of about

$4 billion as of last close.