Spain's Ono will push ahead with plans for a possible stock market listing, despite having reportedly received a takeover offer from Vodafone.
At a board meeting on Tuesday, the cable operator's directors gave management the go-ahead to take the necessary steps leading up to an IPO, the company announced.
"No proposal to acquire Ono, or any related matter, was presented to or discussed by the board of directors," the company said.
That comment comes in response to reports earlier this week claiming Vodafone had tabled an offer worth around €7 billion that would be discussed by the directors at their meeting.
Clearly the directors did not debate any such offer, but neither did they dismiss the idea of a takeover. Going ahead with listing plans does not necessarily mean the cableco will reject any M&A moves.
Ono said it will hold its annual general meeting on 13 March, at which shareholders will be asked for their formal approval for the IPO plan.