Egypt's Orascom Telecom Holding said its board of directors had recommended rejecting an offer by a subsidiary of Russian billionaire Mikhail Fridman's Altimo to buy out the mobile company for $0.70 a share. Cyprus-based Altimo made the offer in late March. A statement by Orascom said that an independent financial adviser had put a fair value Orascom's shares at $0.86 per share. "Hence we see that the offer price is below the fair value of the share by 18.7 percent," the statement said. http://english.ahram.org.eg/News/71464.aspx