French telecoms billionaire Patrick Drahi has intensified his efforts to take Altice Europe private by increasing the buyout offer that his Next Private investment firm is willing to pay, from EUR4.11 (USD4.88) to EUR5.35 per share in cash. The improved offer represents a premium of 61.1% to Altice Europe’s closing price on 10 September 2020 (i.e. prior to the initial announcement of the offer), which was EUR3.32.
As a result of the increased offer, investment funds managed by Boussard & Gavaudan, Diameter, Elliott, LB Partners, Lucerne, Sessa, Sheffield and Winterbrook have all committed to tender their listed shares. In addition, pending Enterprise Chamber legal proceedings against Next will be withdrawn today. Non-conflicted board members continue to fully support and recommend the offer.