Liberty Global says that the acceptance period for its previously announced recommended public offer of issued and outstanding ordinary shares in the capital of Dutch cable services operator Ziggo has been extended to 4 November 2014. In a release, the UK-registered group says that the offer period has been extended because not all conditions for the completion of the offer were fulfilled, in particular the condition on competition clearance. It adds that, following the extension of the offer period, shares tendered during the initial offer period ‘may be withdrawn’. The filing goes on to say: ‘Under the terms and conditions of the offer, assuming the asset sale and liquidation resolutions adopted by Ziggo’s EGM on 26 August 2014 remain in full force and effect as of the acceptance closing date, the minimum acceptance condition of the offer will be 80% (and not 95%) of Ziggo’s aggregate issued and outstanding ordinary share capital (excluding any shares held by Ziggo), on a fully diluted basis, as of the acceptance closing date.’
In June this year, Liberty Global – the parent of Dutch cable services operator UPC Netherlands – formally launched its bid to take control of rival cableco Ziggo. Under the deal, first announced in January this year, Ziggo shareholders were able to sell off their shares in the period of 2 July to 10 September, with a two- to ten-week extension available. Based on Liberty Global’s closing share price (26 June 2014), it is understood the bid is worth EUR35.64 (USD49.56) per share – in cash and Liberty ‘A’ and ‘C’ shares.