Vodafone offer approved by Kabel Deutschland board

Kabel Deutschland’s supervisory and management boards have officially recommended Vodafone’s €7.7 billion takeover bid.

The board released a statement this morning confirming: “The management and supervisory boards believe the value of €87 per share is fair from a financial viewpoint.”

Vodafone agreed to buy the German cable operator in June this year, and in July, announced expectations of an October completion date.

A successful acquisition would intensify competition between Vodafone and Deutsche Telekom in a market that is looking towards consolidation.

Last week, KPN agreed to sell its German unit, E-Plus, to Telefónica Deutschland.