vodafone airtouch's response was one of disbelief: since we announced our intention to make an offer, mannesmann's management has placed ever increasing valuation... in the second week of december they valued mannesmann at over $350 per share, while less than six weeks prior to that they were prepared to issue 117 million shares at $157.8 per share to fund the acquistion of orange. this is less than half of what mannesmann now says is fair value for the company. on november 22, 1999, mannesmann's offer for orange became wholly unconditional.