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Vodafone Group PLC on Tuesday said its subsidiary Oak Holdings GmbH launched a voluntary takeover offer for mobile towers business Vantage Towers AG, as part of a co-control partnership for the business.
The Berkshire, England-based telecommunications company said Oak BidCo will hold a minimum of 88.2% of the outstanding share capital of Germany-based Vantage Towers, which comprises the 81.7% stake held by Vodafone prior to the announcement of the offer.
Vodafone said the price of the takeover offer is €32.00 per share, representing a 19% premium to the three-month volume-weighted average share price of €26.89. This is notified as the minimum price by the German federation Bundesanstalt fur Finanzdienstleistungsaufsicht.
Oak BidCo has received an irrevocable undertaking from Anise Asset Holding Pte Ltd, which accounts for 2.4% of Vantage Towers’ shareholding, to accept the offer, as Vodafone intends to do for the shares it acquired from DLM-TW Holdings SaRL.
The takeover offer will be open to all minority shareholders of Vantage Towers, and the acceptance period will be open from December 13 to January 10.
Vodafone also said $2.10 billion out of $2.3 billion of its outstanding 4.4% notes due in May 2028 were validly tendered in offer.
Shares in Vodafone closed up 0.9% at £86.25 on Tuesday evening in London, and Vantage Towers shares closed up 0.1% at €32.58 in Frankfurt.
By Jaskeet Briah, Alliance News reporter
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