2023-03-21 09:14:45 ET
- Liberty Global ( NASDAQ: LBTYA ) is launching a public takeover bid for the rest of its Belgian broadband provider Telenet ( OTC:TLGHY ).
- That intended offer would come at €22 per share. Telenet stock is quoted at €15.20 in Belgium, implying a premium of about 45%. It's a 52% premium compared to the volume-weighted average trading price over the month before March 15.
- Liberty Global ( LBTYA ) owns about 59.18% of Telenet's outstanding share capital, and has been Telenet's controlling shareholder since February 2007.
- Telenet's board unanimously supports and recommends the offer. The purchase of shares will be funded by nonrecourse debt financing, and no corporate cash, liquidity or corporate guarantees will be required.
- “We believe an offer of €22.00 per share provides a good opportunity for Telenet shareholders to monetize their investment at an attractive premium," said Liberty Global CEO Mike Fries.
For further details see:
Liberty Global will buy rest of stake in Belgium's Telenet