Vivo, Tim up after report Highline to drop out of Oi mobile bid

Shares of bidders for the mobile assets of bankrupt Oi (NYSE:OIBR.C) jumped into the close amid a report that Highline do Brasil II Infraestrutura de Telecomunicações is likely out of the running.

O Globo says Highline is likely to withdraw from the dispute; Highline had made a binding offer and had signed an exclusivity agreement with Oi that was effective until Aug. 3. (h/t Bloomberg)

Meanwhile, two weeks ago a consortium of Telefônica Brasil (NYSE:VIV), Telecom Italia unit TIM Participações (NYSE:TSU) and América Móvil’s Claro (NYSE:AMX) had submitted a joint binding offer of about 16.5B reais (about $3.17B).

TIM Participações rose 4.7% on NYSE into today’s close; Vivo jumped 1.6%, and its preferred shares rose as much as 5% on the news.

OIBR.C is up 13.3% in light postmarket trading.


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