Vodafone Launches Tender Offer for Kabel Deutschland Minority Holdings
By Adria Calatayud
Vodafone Group PLC said Tuesday that it is launching a tender
offer for minority holdings in Kabel Deutschland Holding AG for up
to 2.12 billion euros ($2.59 billion).
The U.K. telecommunications group, which owns 76.8% of KDG after
its 2013 takeover, said it will offer KDG shareholders EUR103 in
cash for each share.
Vodafone said it has already received commitments to accept the
tender offer from entities advised by the D. E. Shaw group, by
Elliott Advisers (UK) Ltd. and by UBS O'Connor LLC, which together
represent a 17.1% stake in KDG. This would increase Vodafone's
stake in the business to at least 93.8%.
The company said the price for the shares of the accepting
shareholders is EUR1.56 billion, which would increase to EUR2.12
billion if all KDG minorities tender their shares.
The acceptance period for the tender offer will begin on Dec. 28
and be open until Feb. 1, Vodafone said.
Write to Adria Calatayud at firstname.lastname@example.org
(END) Dow Jones Newswires
December 22, 2020 02:32 ET (07:32 GMT)
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