Hedge fund Elliott Management is continuing to pursue German cable operator Kabel Deutschland in the courts, despite a rejection of its claim that Vodafone underpaid for its majority stake in the company by an extraordinary shareholders meeting in March.
Elliott has filed a complaint with the Munich District Court calling for a special auditor to be appointed to investigate the decisions taken by Kabel Deutschland’s management.
The latest development comes after Kabel Deutschland granted Elliott a request for an extraordinary general meeting to discuss its allegations in March, where 80% of shareholders rejected its case.
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.
A preliminary hearing is expected to take place in the summer.
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