March 27, 2023 | Telecom | Europe | Ended

Telenet Group Holdings / Liberty Global: Deal Insights

Liberty Global announced on 21-Mar-23 a voluntary offer for Belgian carrier, Telenet Group Holding (“Telenet”). The acquirer has been a controlling shareholder of Telenet since 2007 and currently owns 59% of the share capital. The €22 per share offer price represents a 59% takeover premium to Telenet’s undisturbed price on 15-Mar-23. This will be reduced by €1.00 per share if Telenet’s board approves its expected annual dividend at the company’s 26-Apr-23 general meeting (and if the 3-May-23 ex-dividend date falls prior to offer settlement). Telenet’s board supports the offer but said it will provide a formal opinion in a response memorandum. The press release states that Liberty intends to fund the offer through debt financing by its Belgium subsidiary and will not require Liberty’s cash on hand. The key considerations to closing are a 95% minimum acceptance condition and a market MAC, and the ...

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