Media and telecom entrepreneur Patrick Drahi has acquired full control of Altice Europe.
Drahi’s launch of a public offer for shares in the company he founded has enabled him to up his stake in it from 77.6% to just over 92%.
The move means that the telecom entrepreneur will be able to delist the company and take it private.
Drahi was able to overcome the objections of key minority investors in December after upping the offer price from €4.11 a share to €5.35.
That came after Lucerne Capital Management, which advised funds owning about €94 million worth of Altice Europe stock, wrote a letter in November to the board objecting to the then €4.11 a share offer in strong terms, accusing Drahi of an “illicit” attempt to transfer value to himself under cover of the COVID-19 pandemic.
An EGM on January 7 approved resolutions that enable Drahi to take control of the company and delist it from the Amsterdam stock exchange.
The company has maintained that delisting will enable Drahi to focus on long-term strategy. The company’s debt levels have periodically caused concern among investors.
Drahi has contended that a delisting will reduce its costs, eliminating financial reporting and board costs and the need for physical general meetings.
Altice Europe also maintains that debt providers will ‘focus more on fundamental valuation and credit analysis” than equity markets.
Altice Europe announced at the end of last week that the offer of Drahi’s Next Private vehicle was now unconditional, with approximately 90.89% of shares not held by Drahi being tendered.
The company is expected to cease trading on January 26.
ICYMI: Amazon set for US$1 billion NFL streaming deal digitaltveurope.com/2021/03/05/ama… https://t.co/v8pAI05Ujn
05 March 2021 @ 21:00:00 UTC
ICYMI: Digital TV Europe is excited to announce the release of our 2021 Industry Survey!
Thank you to our sponsors… twitter.com/i/web/status/1…
05 March 2021 @ 19:00:02 UTC
DTVE: the week in view – The live-streaming revolution digitaltveurope.com/comment/the-li… https://t.co/pt7qxb6Ul7
05 March 2021 @ 18:32:30 UTC
Vodafone Portugal gets Gametoon in renewed SPI/FilmBox deal digitaltveurope.com/2021/03/05/vod… https://t.co/I0gFmgtOFb
05 March 2021 @ 18:00:00 UTC