PrimaCom rejects Tele Columbus bid

21 Nov 2013

German regional cable operator PrimaCom has announced in a press release that it has rejected an unsolicited takeover offer by Tele Columbus, adding that the two companies are not currently engaged in takeover talks. ‘We are in a good position to play a role in the consolidation of the German cable industry, but we are buyers, not a takeover target,’ PrimaCom’s CEO Joachim Grendel said, adding: ‘Over the last 18 months PrimaCom has increased its sales in remarkable ways… mainly due to the successful implementation of our operating strategy… Our balance sheet is solid, and our owners are well capitalised and support us. We are well positioned financially and to further expand our business.’ PrimaCom serves around one million homes in small to medium-sized cities in 15 states, notes TeleGeography’s GlobalComms Database, while Tele Columbus provides regional cable TV, broadband internet access and voice-over-internet protocol (VoIP) telephony services to over two million connected households in the Berlin, Brandenburg, Saxony, Saxony-Anhalt, Thuringia and Mecklenburg-Vorpommern regions.

Germany, PrimaCom, Tele Columbus Group (PYUR)