UPC Sunrise offer sees 96.48% success rate

29 Oct 2020

UK-based cable group Liberty Global has reported the preliminary result of the public tender offer of its Swiss division UPC Switzerland to acquire all of the publicly held shares of rival full-service provider Sunrise Communications. According to the operator, a total of 43.7 million Sunrise shares had been tendered, equating to 96.48% of the company’s share capital. Under the terms of the offer, UPC will purchase each of the shares at a price of CHF110 (USD120) per share, and settlement of the offer is set to take place on 11 November, subject to certain regulatory approvals. Sunrise’s shareholders initially agreed to sell 81.98% of the provider’s total share capital, but the offer was extended for an extra ten days this month, during which that figure rose to 96.48%. UPC published the tender offer in late August, following 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