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Liberty Global launches bid for Ziggo, Coopmans to be CEO
2014-06-27 10:02:00| Telecompaper Headlines
(Telecompaper) Liberty Global has announced the subscription period for its takeover bid for Dutch cable operator Ziggo, first announced in January. Ziggo shareholders can tender their shares from 02 July to 10 September. Ziggo shareholders will vote on the deal at an extraordinary meeting planned for 26 August. The acquisition still need approval from the European Commission, which has set a deadline of 17 October for its decision. Ziggo's management and supervisory boards have recommended the bid. They said the price was "fair" and the merger of Ziggo with Liberty's unit UPC Netherlands was in the best interests of both companies. Based on Liberty Global's closing share price 26 June, the bid in cash and Liberty A and C shares is worth EUR 35.64 per share (versus EUR 35.74 in January). Liberty Global will declare the bid unconditional if at least 95 percent of Ziggo shares are tendered, but can also lower the minimum to 80 percent or even 65 percent if Ziggo approves. Liberty Global also announced that Baptiest Coopmans, previously a top executive at KPN, will be CEO of the merged company. He was named CEO of UPC Netherlands in May 2013.
Tags: global
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Category:Telecommunications