Liberty Global to hold 58.4% in Telenet
January 15, 2013 07.04 Europe/London By Robert Briel
Liberty Global said that it will hold approximately 58.4% of the issued and outstanding shares of Telenet.
In a statement issued by the company, LGI has said that 9,497,637 ordinary shares and 3,000 warrants were tendered into the voluntary and conditional cash offer.
LGI’s wholly-owned subsidiary Binan Investments launched the offer on December 18, 2012 for the outstanding shares and other securities giving access to voting rights of Telenet that it did not already own and that were not held by Telenet.
Following acceptance of the tendered shares, Liberty Global will hold 66,342,037 shares and 3,000 warrants in Telenet. This represents approximately 58.4% of the issued and outstanding shares of Telenet (excluding the 220,352 treasury shares held by Telenet).
Liberty Global notes that it intends to align the strategy and the operations of Telenet with the rest of the Company. Liberty Global is reviewing the current organization,governance and reporting structure at Telenet with the intention of effecting a closer management integration of the operator within its European operations.
Mike Fries, 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.”