Vodafone Group has announced that by the end of the acceptance period on 1 February, its tender offer had been accepted by Kabel Deutschland Holding shareholders tendering a total of 15.12 million shares, corresponding to around 17.1% of the share capital and the voting rights of the cableco, and to an acceptance rate of the tender offer of 73.5%. As a result, Vodafone Vierte Verwaltungs now holds approximately 93.8% of the share capital in Kabel Deutschland. Pursuant to the offer document, Vodafone says the tender offer and the agreements with the shareholders of Kabel Deutschland will only be completed if the completion condition has been fulfilled.
As previously reported by CommsUpdate, in December 2020 Vodafone Group and its wholly-owned subsidiary Vodafone Vierte Verwaltungs announced a tender offer of EUR103 (USD126) per share to all other shareholders of Kabel Deutschland, in a bid to end the ongoing legal proceedings related to its 2013 takeover of the cableco. Shareholders representing approximately 17.1% of the share capital, including D. E. Shaw, Elliott Advisers and UBS O’Connor, had already accepted the offer. The offer will be conditional on clearance under German foreign investment legislation.