Jörn Krieger | 13-09-2013
Vodafone has reached its target: more than 75% of Kabel Deutschland shareholders have accepted the mobile network operator's takeover offer, leading to Germany's largest cable operator becoming part of the Vodafone group.
Vodafone will put almost €11 billion on the table for Kabel Deutschland. The voluntary public takeover offer made on 30 July 2013 expired on 11 September at midnight CET. As the minimum acceptance level of 75% has been reached, the bid was successful. Vodafone wants to announce the exact level of acceptance on 16 September.
In accordance with German stock market and acquisition law, a further two-week period will follow between 17-30 September in which the remaining shareholders can accept the proposal. Vodafone offers €87 per Kabel Deutschland share.
The management board and supervisory board of Kabel Deutschland recommended their shareholders to accept the offer as they consider it to be in the interest of the company, its shareholders, employees and other parties involved.
Vodafone expects the EU Commission toapprove the acquisition in September.