September 17, 2013 10.55 Europe/London By Julian Clover
Vodafone has reached an acceptance rate of 76.48% in its voluntary public tender offer for Kabel Deutschland Holding AG, the telco has confirmed.
Kabel Deutschland (KDG) shareholders that have yet to accept the offer have until midnight CET on September 30th. Vodafone’s offer values Kabel Deutschland at €87 per share.
With the mobile operator only just making it over the required 75% acceptance rate there remains uncertainty as to what the next move of the minority group might be.
One school of thought is that they take advantage of German laws designed to protect minority interests in the expectation that Vodafone pays a premium on the €87 to buy them out.
Only days before the offer closed hedge fund Elliott Asset Management doubled his stake to 10.9%.