HELSINKI (Reuters) - Nokia (HE:NOK1V) Chief Executive Rajeev Suri defended the terms of its pending acquisition of smaller telecom gear maker Alcatel-Lucent (PA:ALUA) after a shareholder criticised them as unacceptable.
Odey Asset Management, Alcatel-Lucent's second-largest shareholder with 5 percent, said in a letter to investors that it would not tender its shares in the Nokia takeover because the 15.6 billion euro (11 billion pound) price in the all-share deal was too low, according to the Financial Times newspaper.
"We've met many investors in the last couple weeks, and there's very strong, good feedback," Suri said on a call after first-quarter results.
He declined to say whether the terms of the deal would be altered, adding only that both boards had already approved them.
"Fundamentally this is a good deal with attractive upside in long-term and upfront."
Alcatel-Lucent shareholders do not need to vote to ratify the deal since it will go through as long as 51 percent of shares are tendered.