Vodafone Launches Bid for Kabel Deutschland
Vodafone Group PLC Monday launched a formal €7.7 billion ($10.1 billion) cash offer for Germany’s biggest cable operator Kabel Deutschland Holding AG,signaling its ambitions to grow in Europe again with its biggest acquisition there in more than a decade and laying down a challenge to John Malone’s international cable company Liberty Global Inc.
Vodafone put forward an all-cash offer of €87 a share, made up of €84.50 for the company and a previously announced €2.50 dividend. Kabel Deutschland management and supervisory boards intend to recommend the deal to shareholders who now have four to 10 weeks to tender their shares according to German takeover law. At least 75 percent of Kabel Deutschland shareholders must accept Vodafone’s offer for the deal to go ahead.