ODAFONE said last night it will not back down on its requirement that 75 per cent of Kabel Deutschland shares be tendered before the €7.7bn (£6.5bn) purchase of the German cable company goes ahead, as the crucial deadline looms on Wednesday,
“There’ll be no change to the conditions set out in our earlier announcement,” Vodafone said in a statement referring to their tender offer in July.
A number of Kabel Deutschland shareholders reportedly told the Financial Times the company is looking unlikely to reach its 75 per cent requirement by Wednesday’s deadline.
Vodafone does have the option of reducing the 75 per cent requirement by Tuesday, but if it chooses to stick to its guns and the target is not met, the deal could be derailed.
Vodafone offered €87 a share to Kabel Deutschland shareholders in July – beating rival bidder Liberty Global’s €85 a share – with the terms that the deal must be accepted by a majority of shareholders before Wednesday’s first deadline in a two-stage tender process.
Kabel Deutschland has advised its shareholders to accept the Vodafone offer by Wednesday’s deadline.