Deadline looms for Vodafone’s Kabel bid

11 Sep 2013

UK-based Vodafone Group held 19.88% of shares in Kabel Deutschland yesterday afternoon, as the acceptance period for its EUR7.7 billion (USD10.1 billion) takeover offer for the German cable operator is set to come to a close, Reuters reports. The deadline for Vodafone’s EUR84.50 per share offer for Kabel Deutschland will expire at midnight on 11 September, and the offer will lapse if holders of less than 75% of the German firm’s shares agree to sell. Including the shares already tendered, Vodafone held 17.6 million shares in Kabel Deutschland at 4.30pm on 10 September, the British company said in a statement. Last week Elliott Capital Advisors more than doubled its stake in Kabel Deutschland to 10.9% to become the cableco’s largest shareholder, which would make it harder for Vodafone to reach the three-quarters threshold if the hedge fund refuses to sell.

As reported by CommsUpdate, in July UK-based Vodafone Group officially launched a voluntary public takeover offer for Kabel Deutschland, further to an initial announcement on 24 June 2013. Vodafone says that the combination of its German unit with the cableco, which has a network serving around 8.5 million households in 13 out of 16 states, would create an operator with 32.4 million mobile, 5.0 million fixed broadband and 7.6 million direct TV customers.

Germany, Kabel Deutschland, Vodafone Germany, Vodafone Group