Business
Liberty Global plc’s subsidiary, Liberty Global Belgium Holding B.V., intends to launch a voluntary and conditional public takeover bid for Telenet Group Holding NV
[NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN ANY JURISDICTION WHERE ITS PUBLICATION WOULD BE UNLAWFUL] Communication in accordance with article 8, §1 of
About this update from Liberty Global Ltd.
[{"type":"text","content":"\n[NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN ANY JURISDICTION WHERE ITS PUBLICATION WOULD BE UNLAWFUL]\n\nCommunication in accordance with article 8, §1 of the Royal Decree of 27 April 2007 on public takeover bids\n\n LONDON--(BUSINESS WIRE)--\nLiberty Global plc (NASDAQ: LBTYA, LBTYB and LBTYK) has an indirect wholly-owned subsidiary, Liberty Global Belgium Holding B.V., a private limited liability company incorporated under the laws of the Netherlands (Liberty Global Belgium Holding). Liberty Global Belgium Holding announces today that it is intending to launch a voluntary and conditional public takeover bid for all the shares of Telenet Group Holding NV (Telenet) that Liberty Global Belgium Holding does not already own or that are not held by Telenet (the Intended Offer). Liberty Global Belgium Holding has been the controlling shareholder in Telenet since February 2007 and currently owns 59.18% of Telenet’s outstanding issued share capital. Telenet owns 3.12% of the outstanding issued share capital in treasury.\n\nThe Intended Offer would be an offer in cash at a price of EUR 22.00 per share. This price represents a premium of 59% compared to the closing price of Telenet on 15 March 2023, and a premium of 52% compared to the volume-weighted average trading price of Telenet over one month before such date.\n\nIf Telenet’s ordinary general meeting of 26 April 2023 approves the payment of a gross dividend of EUR 1.00 per share as proposed by Telenet’s board of directors and the ex-dividend date (3 May 2023) falls prior to the date of payment of the offer price, the offer price per share will be reduced by the total gross amount of such dividend (before any applicable tax deduction).\n\nThe Intended Offer would be subject to the conditions that, (i) as a result of the Intended Offer, Liberty Global Belgium Holding must, together with Telenet, own at least 95% of the shares in Telenet and (ii) no material adverse change occurs with respect to the closing quote of the BEL-20 index and shares of specified market peers of Telenet prior to the date of the initial acceptance period of the Intended Offer.\n\nIf, following the Intended Offer, Liberty Global Belgium Holding, together with Telenet, own at least 95% of the shares of Telenet and have acquired, by acceptance of the Intended Offer, at least 90% of the shares that are the...