| |
| Please Note - Streaming News is only available to subscribers to the Active Level and above |
|
|
|
Vodafone offers to buy out minority Kabel Deutschland investors for €2.12bn
StockMarketWire.com
|
Telecom group Vodafone said it had offered to buy out minority shareholders in German group Kabel Deutschland for €2.12 billion.
Vodafone said it was offering Kabel Deutschland (KDG) investors €103 cash for each outstanding share.
It had received undertakings from entities advised by the D. E. Shaw group, Elliott Advisers and UBS O'Connor to accept the offer, representing about 17.1% of KDG.
Vodafone, which acquired 76.8% of KDG in 2013, said it would own at least 93.8% of the business following completion of the offer.
The company said consideration for the shares for which it had received undertakings would total €1.56 billion, rising to €2.12 billion if all minority shareholders accepted the deal.
The acquisition sum would be funded from Vodafone's existing cash resources.
Vodafone said the offer would be immediately earnings accretive, neutral to its credit ratings, and reduce its exposure to legal proceedings related to the KDG acquisition.
Story provided by StockMarketWire.com
|
|
|
|
|
|
