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


(END) Dow Jones Newswires

December 22, 2020 02:32 ET (07:32 GMT)

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