Completion condition of Vodafone’s tender offer for KDG shares is fulfilled

12 Feb 2021

Vodafone Group has announced that the completion condition for Vodafone Vierte Verwaltungs’ tender offer for cableco Kabel Deutschland Holding (KDG) has been fulfilled. On 10 February the German Federal Ministry for Economic Affairs and Energy (Bundesministerium fur Wirtschaft und Energie) issued a clearance certificate for the acquisition of the Kabel Deutschland shares pursuant to the tender offer, thereby fulfilling the completion condition set out in the offer document. The tender offer is expected to be settled on 19 February 2021 by crediting the offer consideration to the account of the respective custodian bank simultaneously with the transfer of the tendered Kabel Deutschland shares to Vodafone.

As previously reported by CommsUpdate, on 22 December 2020 Vodafone published the offer document for its voluntary tender offer to the shareholders of Kabel Deutschland to acquire their ordinary shares for EUR103.0 (USD125) per share. The acceptance period for the tender offer ended on 1 February, at which date the offer had been accepted by Kabel Deutschland 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.

Germany, Vodafone Germany, Vodafone Group