Ziggo rejects takeover offer from Liberty Global

News Broadband Netherlands 16 OKT 2013
Ziggo rejects takeover offer from Liberty Global
Dutch cable operator Ziggo has rejected a takeover offer from its largest shareholder Liberty Global, which also owns the other main cable network in the Netherlands, UPC. Ziggo said in a statement that it received a preliminary proposal from Liberty Global, but this was deemed "inadequate". 

The statement follows a report in Germany's Manager Magazin that said Liberty Global was looking to merge Ziggo and UPC along with its Belgian operator Telenet. Industry insiders said the deal would be financed with shares as much as possible. 

Liberty Global acquired a 28.5 percent stake in Ziggo earlier this year. In July, when it last increased its stake, the company called it more an opportunistic investment than a strategic move, with no full bid for Ziggo planned. 

Ziggo said there was no certainty that Liberty would come back with a revised proposal. Ziggo's shares rose over 11 percent in Amsterdam following the statement, suggesting the market expects a new offer. According to filings with the Dutch securities regulator AFM, several large investors have been building stakes in Ziggo in recent months, including BNP Paribas Investment Partners and Ameriprise Financial.

Categories:

Fixed

Companies:

Telenet,  UPC,  Ziggo,  Liberty Global

Countries:

Netherlands

Tags:

Voice services, Cable - Docsis, Internet Access, M&A buyouts & divestments

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