The Management Board of Tele Columbus has submitted to Kublai the change-of-control confirmation, thereby fulfilling one of the closing conditions of the voluntary takeover offer published by Kublai – a bidding company backed by Morgan Stanley Infrastructure – on 1 February 2021. The initial acceptance period for the takeover offer began on that date and will end on 15 March, with a successful takeover offer requiring an acceptance rate of 50% plus one share, as well as regulatory approvals. If the takeover offer is successful, Tele Columbus plans a rights offering in the second quarter of this year with a volume of EUR475 million (USD572.9 million), which is fully backstopped by Kublai.
Earlier this month, the Management Board and Supervisory Board of Tele Columbus recommended that shareholders of the cableco accept Kublai’s voluntary public takeover offer and tender their shares, after assessing that the offer was fair and adequate. United Internet has agreed to contribute its indirect stake of approximately 29.90% in Tele Columbus to Kublai if the takeover offer is successful, while Rocket Internet has contractually committed to tender its stake of roughly 13.36%.