FORT WORTH, Texas, Dec. 21 /PRNewswire-FirstCall/ -- Kleinheinz Capital Partners, Inc. ("KCP"), an investment manager with approximately $3.5 billion of assets under management, is opposed to the announced tender offer launched by Vimpel-Communications ("Vimpelcom" NYSE: VIP) for all the outstanding shares of Golden Telecom, Inc. ("Golden", Nasdaq: GLDN). KCP, whose fund clients have owned shares of Golden for over 5 years and with current holdings of over 810,000 shares, believes the tender offer of $105 per share massively undervalues Golden and its prospects as a leader in the telecom markets in Russia and the Commonwealth of Independent States ("CIS"). KCP sees significant upside potential for Golden's businesses in Russia and the CIS and is concerned that minority shareholders in Golden will not be given the opportunity to realize the fair value of their investment in Golden. KCP believes this tender offer is fraught with conflicts of interest and possible collusion among the telecom companies involved in the transaction. KCP questions the ability of the special committees of independent directors to render a truly independent recommendation given the conflicts of interest between shareholders that own significant stakes in both Vimpelcom and Golden. The conduct of the parties leading up to and during the announced tender is highly suspicious of self-dealing. KCP has hired Vinson & Elkins L.L.P. as its legal counsel during the announced tender. KCP urges all shareholders to oppose the tender offer and not tender their shares. KCP looks forward to discussions with the board of directors of Golden and the other shareholders of Golden. Kleinheinz Capital Partners, Inc., based in Fort Worth, Texas, is an investment manager with approximately $3.5 billion under management in global macro focused private investment funds. Contact: Andrew Rosell, 817-348-8100. DATASOURCE: Kleinheinz Capital Partners, Inc. CONTACT: Andrew Rosell, Kleinheinz Capital Partners, Inc., +1-817-348-8100

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