Tele Columbus supervisory board members resign as takeover speculation mounts

News Broadband Germany 2 OCT 2018
Tele Columbus supervisory board members resign as takeover speculation mounts

German cable operator Tele Columbus announced that Frank Krause and Volker Ruloff have resigned from the supervisory board at their own request per 3 October. Both were appointed just over a year ago at the AGM in June 2017. 

Krause is CFO of United Internet, Tele Columbus' largest shareholder with a stake of 28.5 percent. The resignation has raised speculation that United Internet may be preparing a full takeover of the company, following the recent drop in Tele Columbus' share price after repeated profit warnings. The share price has risen over 9 percent in the past week on the takeover speculation. The stock has fallen since the start of the year from over EUR 9 to a low of around EUR 2.50. 

Tele Columbus said in a statement that the management board and the supervisory board regret the resignations, but respect the individual decisions. United Internet said that it would be "constructively involved" in the selection of new supervisory board members, to be elected in the next annual shareholders meeting.

Categories:

Fixed

Companies:

Tele Columbus,  United Internet

Countries:

Germany

Tags:

M&A buyouts & divestments

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