UPC reports preliminary success rate of nearly 82% for Sunrise share offer

9 Oct 2020

UK-based cable group Liberty Global has reported the preliminary interim result of the public tender offer of its Swiss cable division UPC Switzerland to acquire all of the publicly held shares of Swiss full-service provider Sunrise Communications. At the expiration of the main offer period, a total of 37.1 million shares had been tendered, corresponding to 81.98% of the company’s voting rights and share capital. Under the terms of the offer, UPC will purchase each of the shares at a price of CHF110 (USD120) per share. The definitive interim result is set to be published on 14 October, following which the offer is expected to be extended for a further ten trading days, to 28 October. UPC published the tender offer in late August, and followed a failed attempt by Sunrise to acquire UPC in 2019. As noted by TeleGeography’s GlobalComms Database, Sunrise’s shareholders were unhappy with the terms of the takeover deal agreed by Sunrise and UPC, and refused to approve the transaction.

Switzerland, Liberty Global (incl. LGI), Sunrise Communications, UPC Switzerland