* Management, supervisory boards neutral on offer
* Offer price seen low based on management assumptions
* But if assumptions not fulfilled, offer price seen high (Adds background, shares)
VIENNA, May 27 (Reuters) - The management and supervisory boards of Telekom Austria said on Tuesday they had decided to give no recommendation for or against America Movil's up to $2 billion offer for its outstanding shares.
America Movil, controlled by Mexican billionaire Carlos Slim, has offered to buy the remaining shares in Telekom Austria not already owned by it or by the Austrian government for 7.15 euros each.
Telekom Austria's management board said the offer price was within its valuation range, although based on its own planning assumptions the enterprise value per share was higher than the offer price.
Telekom Austria's supervisory board said it agreed and adopted the statement of the management board.
The management board said a key assumption of its business plan was a sustained market recovery in its core markets of Austria, Bulgaria and Croatia, but that if such recovery was slightly delayed, the enterprise value was lower than the offer price.
"This results in a valuation range: the offer price of 7.15 euros per share is within this valuation range," it said in a statement released after market close.
Telekom Austria shares had closed at 7.16 euros.
America Movil and Austria agreed last month to combine their respective 27 and 28 percent stakes in a deal that gives America Movil control of the company in return for investments and a guarantee of the Austrian headquarters.
The America Movil offer runs until July 10. (Reporting by Georgina Prodhan; Editing by Michael Shields)