After agreeing to purchase the 28.5% CANTV stake held by Verizon Communications for $572 million, the government of Venezuela launched an offer for outstanding shares in CANTV, Venezuela’s dominant telephone company, that envisions the completion of CANTV’s nationalization and the de-listing of CANTV shares from the New York Stock Exchange by June 4. Announced on Monday, the offer would provide CANTV stockholders with $2.12 per share plus a dividend payment that would bring the final offer price to $2.55. The government, which stands to emerge with a minimum CANTV stake of 70%, is also offering $14.85 for each of CANTV’s American Depository Receipts (ADRs). The deadline for the tender offer is May 8. Following payments and share transfers, Venezuela expects to assume full operational control of CANTV and to install a new management structure by June 4. Officials also confirmed that the government intends to invest $500 million to expand services over the next few years.