Portugal Telecom ended a board meeting late on Friday without reaching a decision on whether to accept Telefonica's 7.15 billion euro ($9.2 billion) bid for its stake in Vivo. Telefonica first bid for the company in May.
But a late plea by PT to extend the deadline for negotiations from Friday to July 28 was rejected by Telefonica.
PT said in a fax, sent 21 minutes before the deadline expired at the end of the day, that talks had progressed with Telefonica in a constructive manner and it was committed to finding an agreement that satisfied all parties. The request was denied in a faxed response, and confirmed in a statement to the Spanish market regulator on Saturday.
"Telefonica announces that after Portugal Telecom's board did not accept the offer within the agreed time the offer has been dropped," Telefonica said.
Telefonica's deadline had already been extended once after the Portuguese government blocked the transaction two weeks ago by using its golden share in Portugal Telecom.
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