Altice upped its stake in SFR after a series of exchanges of its stock for shares in the operator.
Altice intends to file a buyout offer with markets regulator the AMF followed by a squeeze-out of remaining shares for €34.50 a share.
Altice crossed the 90% threshold of ownership of SFR in May. The investment group has progressively upped its stake in its French subsidiary in private off-market transactions since the AMF rejected a plan to acquire the remainder of the shares it did not already own – at the time 22.5% – in the operator last October.
Altice’s offer had been criticised by minority shareholders, some of whom argued that Altice’s motivation was to gain control of SFR’s dividend, and the regulator ruled that it had not provided sufficient information to them to receive a green light.
At the time Altice CEO Michel Combes described the AMF’s ruling as “incomprehensible” and said that the watchdog had deprived shareholders of the right to make an independent choice.
Altice has since said it plans to re-badge all its assets under a single, unified Altice brand.
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10 April 2021 @ 16:00:01 UTC