The activist investor Active Ownership Capital (AOC) said that it opposes the takeover of UPC Switzerland by Sunrise in its current form, Reuters reports.
The investor believes that "the transaction is CHF 2-2.5 billion too expensive," the partner at AOC, Florian Schuhbauer said. According to Schuhbauer, "Sunrise should negotiate massively with Liberty or even better drop the deal."
AOC hopes and "expects that a clear majority will vote against the deal," he said, adding that indications point to 40-45 percent of the votes among shareholders against the takeover. The largest shareholder Freenet, with a 24.5 percent stake, has already said it will oppose the deal.
Theinvestor tried to convince the management of Sunrise to change its plans in two meetings, but without success. AOC has built up a stake of less than 3 percent in Sunrise.
