Liberty Global faces Telenet shareholder opposition
Jan 9 2013 By Colin Mann
Share on facebookShare on twitterShare on emailShare on printMore Sharing Services
John Malone’s Liberty Global is facing increasing shareholder opposition in its attempts to acquire the remaining 50 per cent of Belgian cable television operator Telenet Group, reports The Wall Street Journal.
Omega Advisors Inc, which owns more than 3 per cent of Telenet, has stated it is unwilling to accept the €35 per share tender offer Liberty Global made December 18. This followed a similar statement December 19 from Norges Bank Investment Management, an arm of the Norwegian central bank which owns more than 4 per cent of Telenet.
Liberty Global says the offer is a 12.5 per cent premium to the September 19th 2012 Telenet closing share price, a 25.2 per cent premium over the volume weighted average share price during the 12 month period then ended and a 4.9 per cent premium over Telenet’s all-time high trading price prior to the announcement of the Offer; and 15.2 per cent premium to Telenet’s peer group Ziggo and Kabel Deutschland and Virgin Media. The company says it will not increase the tabled offer.
Jan 9 2013 By Colin Mann
Share on facebookShare on twitterShare on emailShare on printMore Sharing Services
John Malone’s Liberty Global is facing increasing shareholder opposition in its attempts to acquire the remaining 50 per cent of Belgian cable television operator Telenet Group, reports The Wall Street Journal.
Omega Advisors Inc, which owns more than 3 per cent of Telenet, has stated it is unwilling to accept the €35 per share tender offer Liberty Global made December 18. This followed a similar statement December 19 from Norges Bank Investment Management, an arm of the Norwegian central bank which owns more than 4 per cent of Telenet.
Liberty Global says the offer is a 12.5 per cent premium to the September 19th 2012 Telenet closing share price, a 25.2 per cent premium over the volume weighted average share price during the 12 month period then ended and a 4.9 per cent premium over Telenet’s all-time high trading price prior to the announcement of the Offer; and 15.2 per cent premium to Telenet’s peer group Ziggo and Kabel Deutschland and Virgin Media. The company says it will not increase the tabled offer.