Kabel Deutschland tender deadline looms for Vodafone
Vodafone is reportedly struggling to secure the minimum amount of shares required to finalise its acquisition of Kabel Deutschland.
It has now acquired close to 20%, according to latest reports, meaning it is still some way from the 75% required to be tendered on Wednesday for its €7.7 billion acquisition to go through.
UK-based Vodafone's €84.50-per-share offer for Kabel Deutschland expires at midnight tonight (September 11), but it will fail unless at least three-quarters of the company's shareholders agree to the sale.
Vodafone is pursuing an aggressive strategy across Europe to offer more bundled TV and fixed-line services, and is attempting to offset the effects of its US exit, following the sale of its 45% stake in Verizon Wireless for $130 billion.
Shareholders are often known to wait until the deadline of the tender in case a rival offer emerges, which could explain the reluctance of Kabel Deutschland shareholders at this stage.