Altice Europe approves Drahi buy-back
JANUARY 8, 2021 12.35 EUROPE/LONDON BY CHRIS DZIADUL

Altice Europe’s shareholders have at an EGM approved Patrick Drahi’s buy-back of the remaining shares in the company.

Les Echos reports that seven points were of the agenda at the meeting, five of which were submitted to a vote.

It adds that Alain Weill, CEO of Altice France and a major shareholder, will receive $6 million and Drahi, following the buy-back, will be able to withdraw Altice Europe from the Stock Exchange.

Drahi previously increased his initial offer of €4.11 per share to €5.35.

Although shareholders representing 95% of Altice Europe’s capital have to sell their shares to Drahi before January 21, an EGM vote will now allow him to buy the company even if the 95% threshold is not reached.