The offer has the full support of Telenet’s board of directors
Liberty Global announced it intends to launch a voluntary and conditional public takeover bid for all the shares of Telenet Group Holding that it doesn’t already own or are not held by Telenet.
The bid – or Intended Offer – will be via its wholly-owned subsidiary Liberty Global Belgium Holding. Liberty Global has been the controlling shareholder of Telenet since February 2007 and owns 59.18% of Telenet’s outstanding issued share capital.
Telenet owns 3.12% of the outstanding issued share capital in treasury.
An acceptable price?
The offer would be to pay cash for €22 per share, which Liberty Global says represents a premium of 59% compared to the closing price of Telenet on March 15, 2023, and a premium of 52% compared to the volume-weighted average trading price of Telenet over one month before such date.
Telenet’s board of directors, subject to customary conditions, unanimously supports and recommends the offer as per a statement issued today by Telenet. It is hoped that the deal is approved at the next ordinary general meeting scheduled for 26 April, 2023.
Mike Fries, CEO, Liberty Global (pictured), commented: “We believe an offer of €22.00 per share provides a good opportunity for Telenet shareholders to monetize their investment at an attractive premium.
“We welcome the unanimous decision of Telenet’s board of directors to support and recommend this offer. We are proud of how Telenet has evolved in recent years, and we are fully committed to Belgium and all the company’s stakeholders.”
The purchase of shares will be funded by non-recourse debt financing obtained by Liberty Global Belgium Holding. No Liberty Global corporate cash, liquidity or corporate guarantees are required to finance the share purchases.