Liberty Global (LGI) has approached Ziggo with a preliminary proposal to acquire the Dutch cableco.
The prelim offer was rejected because it was not considered adequate. Ziggo said in a statement that there was no certainty if it will receive a revised…
Liberty Global (LGI) has approached Ziggo with a preliminary proposal to acquire the Dutch cableco.
The prelim offer was rejected because it was not considered adequate. Ziggo said in a statement that there was no certainty if it will receive a revised offer from Liberty Global.
Spokespeople for LGI, which has built a 28.5% stake in Ziggo over the past months, could not immediately be reached for comment.
Ziggo’s statement came in reply to a report on the website of German Manager Magazin that Liberty was planning a full takeover of Ziggo. The publication said that LGI intends to combine its own subsidiary UPC with Ziggo and Belgian Telenet, which it controls.
The article, which referred to unnamed industry insiders, claimed that Liberty was still working on the financing. It is however planning to pay with company shares and only a smaller cash component.
Ziggo’s share price, which opened at €29.20 in the morning rose 7.6% to around €31.50 during afternoon trading hours in Amsterdam.
