Liberty Global increases Telenet stake

Editor | 15-01-2013

Just under than a month after launching a bid to buy the remaining stock of Telenet, in which it is the controlling shareholder, Liberty Global has increased its shareholding of the Belgian cable company to 58.4%.

Liberty has been the controlling shareholder in Telenet since February 2007 and, at 30 September 2012, owned, through its Binan subsidiary, 50.2% of Telenet's issued and outstanding share capital. It launched on 18 December, opening a voluntary and conditional cash offer of 35 per ordinary Telenet share. Liberty described its offer at the time as "highly attractive" for Telenet shareholders and said it would provide "a meaningful premium to relevant benchmarks."

Now Liberty has revealed that, to date, 9,497,637 ordinary shares and 3,000 warrants have been tendered into the voluntary and conditional cash offer and that it now holds 66,342,037 or 58.4%, of the issued and outstanding shares.

"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," commented Mike Fries, president and chief executive officer of Liberty Global. "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."