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Ono sets date for shareholder meeting on IPO plans
2014-02-12 12:49:00| Telecompaper Headlines
(Telecompaper) Spanish cable operator Ono has released a short statement confirming that it will hold a shareholders meeting on 13 March to seek approval for its planned IPO. The company added that any formal offer for Ono that may have been on the table was not even discussed at the board meeting held on 11 February, during which the company's operational performance and financial results for 2013 had been approved. According to various press reports, Ono's shareholders would only be prepared to abandon their plans for a stock market flotation if they received an offer above EUR 8 billion for the company from potential suitors such as Vodafone and Liberty Global.
Ono board decides to press ahead with IPO report
2014-02-12 09:12:00| Telecompaper Headlines
(Telecompaper) Spanish cable operator Ono's board of directors gave the green light to proceed with an IPO in a meeting held on 11 February, at the same time deferring a takeover approach from Vodafone, according to unnamed sources close to the matter cited by Reuters. In addition, the board agreed to call a shareholders meeting by mid-March because shareholders also need to approve the IPO. One source said the plan was to first carry out a capital increase of EUR 800 million and later sell existing shares for a total amount of at least EUR 200 million before listing immediately before Easter. That would give potential suitors such as Liberty Global and Vodafone, which is said to have offered around EUR 6.9 billion for the Spanish company, a timeframe of about four weeks before the IPO process starts. According to reports, Ono foresees a valuation of EUR 7 billion to EUR 8 billion, including debt, based on the price Liberty paid to buy Dutch cable operator Ziggo last month. However, sources with knowledge of the matter have said that any buyer could have to pay up to EUR 9 billion to convince Ono's owners to drop their plans for a stock market flotation.
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Ono board backs IPO plan despite Vodafone interest
2014-02-12 01:00:00| Total Telecom industry news
Spanish cableco to ask shareholders to approve stock market listing plan next month.
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vodafone
Ono board weighs Vodafone offer against stock market plan
2014-02-12 00:28:01| Telecom - Topix.net
Directors of Spain's largest cable operator Ono met on Tuesday to weigh up whether they should accept a takeover offer from Britain's Vodafone stock market sale to capitalize on high investor interest in European cable firms when the British telecoms operator approached its private equity owners about a takeover.
Vodafone makes formal EUR 7 bln bid for Ono report
2014-02-10 09:37:00| Telecompaper Headlines
(Telecompaper) Vodafone has made a formal bid to acquire Spanish cable operator Ono for around EUR 6.9 billion, reports Spanish business daily Expansion, citing unnamed sources close to the matter. The binding offer for 100 percent of the capital will be studied at Ono's board meeting on 11 February, which was initially scheduled to choose the investment banks that would advise the company on its plans to float on the stock exchange. However, rather than pressing ahead with the IPO, Ono's owners, which include private equity investors Thomas H Lee Partners, Providence Equity Partners, Quadrangle and CCMP Capital, may opt for a straight buyout. If the sale goes ahead at the reported price, Ono's shareholders would receive around EUR 3.48 billion, in view of the company's debt of around EUR 3.42 billion.