A stakeholder in Spanish operator Masmovil said a recent €2.96 billion takeover bid undervalued the company and called on the board to find better offers or renegotiate terms.

In a statement, investment company AllianceBernstein told Mobile World Live (MWL) it also had concerns four Masmovil board members “may now have dual interests having joined” the consortium seeking to acquire the operator.

Masmovil’s board approved the bid from a consortium comprising Lorca Telecom BidCo, Cinven Capital Management and KKR Associates Europe, arguing the offer benefitted shareholders and stakeholders.

Last week Orange refuted reports it was preparing a bid for its rival, telling MWL it was well positioned to grow organically in the competitive Spanish market.

GSMA Intelligence figures placed Masmovil as Spain’s fourth-largest operator by connections at end-Q1, with 7.6 million. Orange Spain had 16.4 million, Movistar 16.2 million and Vodafone Spain 13.5 million.