Liberty Global Ups Telenet Stake

ENGLEWOOD: Liberty Global is set to hold approximately 58.4 percent of the issued and outstanding shares of Telenet.

Previously, Liberty Global had offered 35 euros ($45.35) per share for the remaining stake in Telenet Group Holding. The Belgian telecom company had rejected the $2.5 billion offer, saying that it was worth more than that. It is now said that 9,497,637 ordinary shares and 3,000 warrants were tendered into the offer launched by Liberty Global’s wholly owned subsidiary Binan Investments for the outstanding shares and other securities that gives it access to voting rights. The official announcement of the results will take place on January 18. Payment on tendered shares and warrants is intended to take place on February 1.

Mike Fries, the president and CEO of Liberty Global, commented: “We remain committed to investing in growth opportunities for Telenet, maintaining its position as a leading innovator in the Belgian market, and delivering best-in-class services to its customers. We believe that this is the right time for Telenet to be more closely integrated within our pan-European platform and in an environment where scale is paramount, we believe that closer integration will benefit all Telenet stakeholders.”