Liberty Global plans to acquire all outstanding shares of Belgium Telenet it does not already own in a bid worth up to €1.98bn.
The US player announced this morning it will launch a voluntary tender offer based on a price of €35 per share.
Liberty…
Liberty Global plans to acquire all outstanding shares of Belgium Telenet it does not already own in a bid worth up to €1.98bn.
The US player announced this morning it will launch a voluntary tender offer based on a price of €35 per share.
Liberty Global currently owns 50.4% of Telenet shares.
Telenet said its board of directors will review the offer and publish a response in due course.
Liberty said that the offer price represents a 14% premium over the adjusted average volume weighted closing price of approximately €30.67 for the one-month period to 18 September 2012.
The offer has a minimum acceptance of 95% and Liberty said it might launch a squeeze out if the offer is successful and delist Telenet.
Following the announcement Telenet shares were suspended in they morning hours, but resumed trading at 10.30am local time.
Most of Telent’s outstanding shares are in freefloat. BNP Paribas Investment Partners is the largest minority shareholder, controlling 4.92% of shares.
30 unlisted golden shares are held by vehicles controlled by the Belgium regional administrative authorities.
Following Liberty Global’s announcement in the morning, shares in Telenet rose to €34.89 during morning trading hours, up 12.2% from yesterday’s closing price of €31.10.
