LONDON (CNNfn) - Olivetti and Mannesmann have been forced to raise their bid 22 percent for New York-based Cellular Communications International to almost $2 billion Tuesday, after shareholders gave the cold shoulder to an earlier offer worth $65.75 per share.
The Italian and German groups have raised their offer to $80 a share in cash for CCI (CCIL), after the previous bid expired Friday with only 10 percent of CCI shares having been tendered.
CCI stock closed Friday at $67, and there was no trading Monday in the U.S. due to the Martin Luther King holiday. Mannesmann and Olivetti shares fell slightly in Europe on the news.
Olivetti and Mannesmann control fast-growing Italian cellular network operator Omnitel, and CCI has a 10 percent stake in Omnitel. Omnitel is Europe's second-biggest cellular phone network with 6 million mobile phone users.
The new tender offer expires February 1.