Liberty Global acquires 100% of Telenet following simplified squeeze-out
Liberty Global is pleased to announce today that, during the simplified squeeze-out period which opened on 22 September 2023 and closed on 13 October 2023 (the Simplified Squeeze-Out Period) of its voluntary public takeover bid for all the shares of Telenet Group Holding NV (Telenet) (the Offer) by its indirect wholly-owned subsidiary, Liberty Global Belgium Holding B.V. (the Offeror), it received acceptances for 1,156,941 Telenet shares.
Any shares of Telenet that were not tendered by the end of the Simplified Squeeze-Out Period were automatically transferred to the Offeror by operation of law and, as a result, the Offeror will own 100% of the shares of Telenet upon settlement of the shares that were tendered during the Simplified Squeeze-Out Period.
Payment of the offer price for the Telenet shares tendered during the Simplified Squeeze-Out Period (EUR 21.00 per share after deduction of the EUR 1.00 gross dividend approved by Telenet’s ordinary general meeting of 26 April 2023 and paid on 5 May 2023) will occur on the payment date, 19 October 2023. The funds required to pay the offer price for any non-tendered shares will be deposited with the Deposit and Consignment Office.
Shareholders that have not tendered their shares, but which were transferred by operation of law, will need to contact the Deposit and Consignment Office to receive payment for such shares. On 13 October 2023, Telenet shares were delisted from Euronext Brussels at close of trade.
Mike Fries, CEO, Liberty Global, comments:
“We’re delighted to be taking full ownership of Telenet, a move that will benefit not only Telenet customers but also Liberty Global stakeholders and shareholders as we continue to simplify our business. Liberty Global has been a committed, majority shareholder in Telenet since 2007 and we fully support management’s exciting growth plans for the business. Under full Liberty Global ownership, Telenet will now undoubtedly be on a stronger footing to further grow the business, modernize its network and cement its preeminent position in Belgium for the long-term.”
