SHAREHOLDERS of Spanish cable operator Ono will consider Vodafone’s second takeover bid tomorrow, understood to be an improved offer of between €7bn (£5.8bn) and €8bn.
Last month Ono rejected Vodafone’s initial bid of €7bn, instead sticking to its original plan to pursue a public float.
People close to the deal told City A.M. that Ono’s shareholders, which include investment funds Providence Equity Partners, Thomas H. Lee Partners and Quadrangle Capital, thought that “Vodafone’s last bid was not sweet enough” last month. Shareholders apparently do not have similar reservations about Vodafone’s latest offer.
At Ono’s annual general meeting tomorrow, shareholders will vote on Vodafone’s revised offer in a process described as “much more formal” than last month’s board decision to ignore Vodafone’s advances.
Vodafone and Ono both declined to comment.