Axtel Board Backs Potential Second Bidder For Telecom Company

07:42 PM EDT, 09/01/2026 (MT Newswires) -- Axtel's board gave preliminary approval for Transtelco Holding to launch a tender offer for 100% of the Mexican telecommunications provider, setting up competition with a bid from a group led by Co-Chairman Tomas Milmo Santos, Bloomberg reported Tuesday. Transtelco, which operates as Flo Networks, must meet requirements under Axtel's bylaws before receiving final authorization, the report said. Milmo's 4 Tech Plus is offering 3.86 pesos per share, valuing its bid at more than $600 million, Bloomberg said. Axtel's board approved 4 Tech Plus' tender-offer request on Aug. 27.