(Telecompaper) The management board of Telekom Austria has given a neutral opinion on America Movil's proposed takeover for the company. In a report on its evaluation of the bid, the board said it would not give a specific recommendation on whether shareholders should accept or reject the offer. The management's own plans suggest a higher enterprise value for the company than the EUR 7.15 per share offered by America Movil. At the same time this is based on the assumption that the operator's key markets will recover eventually - something uncertain at the moment. Furthermore the management's discounted cash flow valuation does not take into account any of the expected synergies from working with the larger America Movil group or the planned EUR 1 billion capital increase. The board's report further lays out the pros and cons of the takeover bid and remaining independent. Telekom Austria's supervisory board backed the management and also refrained from issuing a specific opinion on the bid.