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Liberty Global extends offer deadline for Ziggo takeover

ZiggoLiberty Global has extended the shareholder acceptance period for its planned takeover of the Dutch cable operator Ziggo by almost two months.

Liberty has now set a November 4 deadline for Ziggo shareholders approve the takeover, after “not all conditions for completion of the offer, in particular the condition on competition clearance,” were fulfilled by the end of the initial acceptance deadline of September 10.

A minimum of 80% of the owners of Ziggo’s aggregate share capital will have to accept the offer for the deal to go through, Liberty said.

Reports from late last month claimed that Liberty Global was on the brink of securing a green light from the European Commission for its Ziggo acquisition.

According to Bloomberg, Liberty Global made commitments, including the sale of its premium Dutch film channel Film 1 and a promise to keep its networks open to OTT TV providers such as Netflix, which already operates in the Netherlands, that will be sufficient to secure EC approval of the deal.

The European Commission has indicated it would rule on the deal by November 3.

Earlier this year Ziggo’s board recommended a €35.74 per share offer by Liberty Global to acquire the 71.5% of the company that it doesn’t already own.