Ziggo's management and supervisory boards, members of which hold 0.6 percent of the shares, 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. Ziggo's works council has also given an opinion on the merger, but Liberty Global did not disclose the details of this.
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. Bert Groenewegen will remain CFO of Ziggo. Hendrik de Groot (CCO) and Paul Hendriks (CTO) will step down from the board after the takeover, but could still be offered management positions in the new company. Rob Ruijter and Huub Willems are proposed as independent members of the supervisory board, as well as Diederik Karsten, Ritchy Drost and Jim Ryan.
