Liberty Global will not renew bid for Telenet
US cable company Liberty Global said today it will not be extending its bid for Belgian cable group Telenet.
Liberty Global now owns a 58.3% stake in the company, and offered €35 per share to take full control of the company in September, but shareholders were waiting for a higher bid.
The Belgian operator provides TV, broadband and mobile phone services in North Belgian, with Liberty Global’s offer valuing the remaining stake at €1.96 billion.
National press in Belgium is reporting that Liberty Global will not be reopening its bid, which is due to expire. Trading today showed Telenet’s shares trading 3% lower at €35.65, still higher than the US provider’s original offer.
Analysts told Reuters that if Liberty Global wanted to increase its bid in the next 12 months, it would have to offer new conditions to shareholders.