Shareholders in German cable operator Tele Columbus have approved a new share rights issue that will raise €475 million. The capital increase has been guaranteed by Morgan Stanley Infrastructure vehicle Kublai as part of the latter’s move to take over the company.
The issue was approved at an extraordinary general meeting today. The move follows Morgan Stanley Infrastructure Partners’ move to acquire Tele Columbus at the end of December through a voluntary public offer priced at €3.25 per share, which Tele Columbus decided to recommend.
Leading Tele Columbus shareholder United Internet has said it will contribute its 29.9% stake if the takeover offer is successful.
Morgan Stanley Infrastructure Partners and United Internet together have said they will support Tele Columbus’s implementation of Germany’s Fibre Champion programme.
Another shareholder, Rocket Internet, which holds 13.36% of Tele Columbus, has already signed an irrevocable agreement to tender the offer, taking Tele Columbus some way towards the 50% minimum threshold.
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