18 Oct 2013
Dutch cable broadband, TV and telephony provider Ziggo has announced that it turned down an offer from US-based cable giant Liberty Global – which already owns a 28.5% in the company – to buy out the shares it does not already own. With Liberty Global seemingly intent on consolidating its European telecoms footprint, Ziggo confirmed it had rejected the bid saying: ‘The potential offer was considered inadequate and there is no certainty that Ziggo will receive any revised offer’. The Dutch cableco is valued at around EUR6.24 billion (USD8.42 billion) and added that further announcements will follow ‘if and when relevant’.
Liberty Global, led by media mogul John Malone, has been aggressively pursuing an acquisition strategy of late that has seen it acquire UK cable-TV and broadband internet provider Virgin Media for USD16 billion and raise its stake in Belgium’s Telenet Group Holding. It also expressed an interest in buying Germany’s biggest cable operator, Kabel Deutschland Holding, before it was acquired by Vodafone Group earlier this year.