Ziggo reveals Liberty acquisition negotiations
Editor | 12-12-2013
Despite a period of relative calm on the M&A front, John Malone’s Liberty Global may be indulging in pre-Christmas shopping with Dutch cableco Ziggo.
In March 2013, and only weeks after revealing it was buying out Virgin Media and boosting its stake in Belgian operator Telenet, Liberty Global acquired a 12.65% stake in Ziggo for a total investment of approximately €632.5 million. It has always been expected that Liberty would eventually aim to take full ownership and indeed it made its move in October 2013.
However, despite confirming that Liberty had indeed attempted to make another significant addition to its portfolio, Ziggo publicly rejected the US media giant’s overtures. In a short but telling statement not entirely closing the door, Ziggo said that it noted the recent market speculation and confirmed that it had received a preliminary proposal regarding a potential offer for the company by Liberty Global. Ziggo slammed the potential offer as “inadequate”, adding that there was no certainty that it would receive any revised offer.
However it has now revealed that further to its statement of 16 October 2013 it could confirm that it was currently in discussions with Liberty Global regarding a potential acquisition of the company by cable giant. It added that further announcements “will be made if and when relevant,” but warned that there was “no certainty that any agreement can be reached or that any offer will ultimately be made.”