Liberty Global said that based on preliminary numbers, Sunrise shareholders have tendered 81.98 percent of its shares to UPC Switzerland. This means that the minimum acceptance condition has been met, namely the tender of two thirds of the fully diluted share capital of Sunrise. The result of the first tender offer is subject to confirmation in the definitive notice of the interim results scheduled for 14 October.
The additional acceptance period for the offer will start on 15 October and is expected to last until 28 October. The completion of the tender offer is subject to other conditions, including regulatory approvals.
Liberty Global had agreed a takeover of Sunrise for CHF 110 per share and an enterprise value of CHF 6.8 billion. This is a 32 percent premium to Sunrise's average share price in the past two months.Following the tender offer, Liberty Global intends to squeeze out remaining shareholders and delist Sunrise from the SIX Swiss Exchange. It warned that shareholders who do not tender their holdings may face negative tax consequences if the squeeze-out has to be conducted via a merger. Sunrise will become a subsidiary of Liberty Global.
