KDG reduces number of shares on offer, sets price range for IPO

German cable operator Kabel Deutschland (KDG) has reduced the number of shares it will offer from 45 million to 30 million with a greenshoe option of up to 4.5 million, news agency Reuters reports. KDG has set a price range for the initial public offering (IPO) of EUR21.50 (USD29.27) to EUR25.50 per share. The offer period will start on 11 March 2010 and end on 19 March. Last month, CommsUpdate reported that KDG’s private equity owner Providence had dropped plans for an outright sale of KDG in favour of an IPO, after offers for the company fell short of expectations. BC Partners and CVC Capital Partners made a joint bid for KDG, while Carlyle Group, Advent International, Hellman & Friedman and Bain Capital also submitted offers thought to be in the region of EUR5 billion and EUR5.5 billion. KDG is 88% owned by Providence Equity, with the remainder held by Ontario Teachers’ Pension Plan (8%) and company management (4%).