In a statement this morning Vodafone reminded Kabel Deutschland shareholders that its takeover offer is due to expire on Wednesday September 11 at 24.00, and said that this will lapse if the 75% minimum acceptance condition is not met by then.
This follows a report yesterday by the Financial Times claiming that Kabel Deutschland shareholders fear that the amount of tenders offered will fall “well short” of this goal.
Citing one unnamed shareholder, the FT reported that acceptance offers have so far averaged just 68.5%, and said that index-tracking investors are likely to wait until a second tender deadline to part with their shares.
However, Vodafone today stressed that “there will not be any additional acceptance period should the 75% acceptance condition not be met by Wednesday, 11 September 2013.”
“Financial intermediaries, custodian banks or brokers may have individually set earlier deadlines for their receipt of acceptance instructions in order to process these properly and in time. Vodafone, therefore, advises KDH shareholders to contact their financial intermediaries, custodian banks or brokers as soon as possible to clarify the applicable deadline by which tender instructions need to be submitted,” added Vodafone.
The company said that all terms and conditions of its offer remain unchanged and will not be amended. Germany’s Federal Cartel Office (FCO) has already said that it will not request the European Commission refer the offer for its approval. Vodafone said that the European Commission is expected to complete its phase I review of the offer by Friday, 20 September.
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