Liberty Global goes for 100% control of Telenet
The American company Liberty Media hopes to take over 100% control of the Flemish telecom operator Telenet. Liberty Global already owns a majority stake in Telenet that was originally a cable television distributor but has evolved into a company offering a full range of telecoms services.
Liberty Global is offering 22 euro per share for the remainders of Telenet’s shares. The offer has the support of Telenet’s Board of Directors the Mechelen-based telecoms company says.
Liberty Global already owns 59.18% of Telenet’s shares. The offer of 22 euro per share is 59% higher than the closing rate per share on the Stock Exchange last Wednesday.
Liberty Global’s offer concerns 42 million shares and is worth 930 million euro. The offer is condition on it being able to purchase at least 95% of Telenet shares.
The value of shares in Telenet have fallen sharply during the past year. A year ago shares in the company were still worth 30 euro each.