Vodafone majority-owned German cable operator Kabel Deutschland is to grant minority shareholder Elliott Management its request for an extraordinary general meeting of shareholders, which will likely take place on March 20.
The move follows the US hedge fund’s request for a meeting and call for an independent auditor to be appointed to look into the terms of Vodafone’s acquisition of the cable operator last year. Elliott last year started legal action against Vodafone on the basis that Kabel Deutschland was worth more than the UK-based telecom giant paid for it.
Elliott holds a stake of about 13.5% in Kabel Deutschland. The hedge fund alleges that Vodafone’s successful bid based on a price of €84.53 per share significantly undervalued Kabel Deutschland and said that the company could be worth up to €250 a share.
It later cited in evidence an audit report published last December that argued Kabel Deutschland’s shares were worth about €104.
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