US-based Liberty Global will not raise its €35 offer for Belgian cableco Telenet.
The American company released the news through adverts in Belgian business papers.
On the afternoon of 18 January the Flemish operator’s shares were trading at…
US-based Liberty Global will not raise its €35 offer for Belgian cableco Telenet.
The American company released the news through adverts in Belgian business papers.
On the afternoon of 18 January the Flemish operator’s shares were trading at €35.90 after opening below Liberty’s offer price.
The tender period had expired on 11 January, but only 8.4% of outstanding shares were tendered in the process.
That means that Liberty only managed to up its stake to 58.4%.
In a fairness opinion to the Telent board in the autumn Lazard had suggested an offer price of €37 and €42. Telenet’s third and fourth largest shareholders, Omega Advisors and Norges Bank Investment Management, have both publicly rejected Liberty’s €35 offer.
Liberty said earlier this week that nearly 9.5 million ordinary shares and 3,000 warrants were tendered into the voluntary and conditional cash offer, carried out by subsidiary Binvan Investments.
Liberty wants to integrate Telenet with its pan-European operations.
