By Melissa Kasule

Liberty Global has provided a cash offer to Telenet for all of shares that it does not already own or that are not held by the company.

Liberty Global has been Telenet’s controlling shareholder since 2007 and currently owns 59.18 per cent of the company’s outstanding share capital, with an additional 3.12 per cent held by Telenet.

The cash offer is priced at €22.00 (US$23.69)per share which represents a premium of 59 per cent compared to closing price of Telenet on March 15, 2023, and a premium of 52 per cent compared to the volume-weighted average trading price of Telenet over one month before such date. ​

The following conditions apply that Liberty Global must, together with Telenet, own at least 95 per cent of the shares in the company by acceptance of by the offer. This will be followed by a simplified squeeze-out bid subject to the same financial conditions.

Telenet revealed the board of directors unanimously support and recommend accepting the offer, with a formal opinion by the board of directors to be later released.