German cable operator Tele Columbus has announced that the minimum acceptance threshold for its takeover offer by Kublai, which is backed by Morgan Stanley Infrastructure Partners, has been reached. On 11 March the takeover offer had been accepted for over 26 million shares, corresponding to a stake of about 20.39% in Tele Columbus. Together with the 29.90% stake held by United Internet, which will be contributed upon completion of the offer, Kublai will hold at least 50.29% in Tele Columbus after the offer, thus exceeding the required minimum acceptance threshold of 50% plus one share. The takeover offer can be closed as soon as the acceptance period and the additional acceptance period have expired and the outstanding regulatory approvals are granted, which is expected in mid-April.
‘We are pleased to have reached this important milestone and are now working together with Kublai towards the closing of the transaction. We are thereby paving the way for the strategy implementation, debt reduction and further fibre expansion,’ stated Tele Columbus CEO Daniel Ritz.