Vodafone had secured about 20% of the German cable operator’s shares by 15:30 yesterday, meaning it still has to acquire a further 55% today if its offer is to succeed. Vodafone, which had about 12% of the company’s shares at the end of last week, must pass the threshold of 75% to secure control of the operator.
US activist investor Paul Singer is rumoured to have been applying pressure on Vodafone to raise its offer, without a response from the UK mobile giant. Singer’s Elliott Capital Advisors doubled its stake in Kabel Deutschland to 10.9% last week, leaving it as the company’s largest shareholder.
Vodafone has stated that its offer, including a price of €84.50 per share in cash and a €2.50 dividend, will not be altered.
Vodafone has separately indicated that the German competition regulator, the Bundeskartellamt, has said it will not refer the bid to the European Commission for approval, removing a potential obstacle to the deal.
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