Liberty Global to increase its ownership stake in Telenet to 93.23%
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Editor
| 20 July 2023
Media giant Liberty Global has taken a key step in its bid to effectively fully control Telenet, revealing acceptance of the public takeover bid by its subsidiary Liberty Global Belgium Holding for all the shares of the leading Belgian telco that it did not already own or that were not held by the operator.
Telenet office building 20JUly203
The telco has revealed that during the initial acceptance period for the bid, which ended on 12 July 2023, 34.676 million shares of Telenet were tendered into the share offer, as a result of which the Offeror will own a total of 101.018 million shares once the bid settlement has occurred on 26 July 2023. Taking into account the 3.501 million treasury shares already held by Telenet, meaning the Offeror will directly or indirectly own 93.23% of the shares of the operator.

Payment of the offer price for the tendered shares at a rate of €21.00 per share, after deduction of the €1.00 gross dividend approved by Telenet’s ordinary general meeting of 26 April 2023 and paid on 5 May 2023, will take place on 26 July 2023.

The Offeror has waived the condition of owning, together with Telenet, at least 95% of the outstanding shares in Telenet. Under law, since the Offeror together with Telenet will own more than 90% of all Telenet shares following the transfer of such shares on the Payment Date, the Offer will be mandatorily reopened on 24 August 2023.

Shareholders who have not yet accepted the Offer, being the remaining free float of 6.77% post-settlement, will thus be able to accept the Offer in this period which gives investors who missed the initial acceptance period or those seeking additional liquidity the opportunity to still accept the Offer.

If, following the Offer, Liberty Global, together with Telenet, owns at least 95% of the shares of Telenet and has acquired, by acceptance of the Offer, at least 90% of the shares that are the subject of the Offer, the Offer will be followed by a simplified squeeze-out bid subject to the same financial conditions as the Offer.
Telenet’s Board of Directors unanimously supports and recommends the Offer.