Cable MSO Liberty Global International (LGI) has further increased its stake in Dutch cable operator Ziggo. In a statement, the Supervisory Board and the Board of Management of Ziggo N.V. noted that according to an 8k SEC filing made by Liberty Global, the stake of Liberty Global in Ziggo N.V. has been raised to 28.5 per cent.

LGI April 26 raised a 12.65 per cent holding in Ziggo to 15 per cent, paying €25.75 a share.

“The Supervisory Board and the Board of Management will continue to act in the best interests of its stakeholders in assessing steps made by Liberty Global while continuing to focus on executing Ziggo N.V.’s strategy,” said the statement.

LGI’s 8k SEC filing confirmed that on July 25, 2013, a wholly-owned subsidiary of Liberty Global plc entered into a hedging transaction in relation to a portion of the existing shares of Ziggo. “In connection with this transaction. Liberty Global acquired 17.5 million additional shares of Ziggo, increasing Liberty Global’s total ownership to 28.5% (based on the number of outstanding shares of Ziggo stock as of June 30, 2013). The acquisition of the additional 17.5 million Ziggo shares was financed entirely through a loan linked to the hedging transaction that is secured by Ziggo shares,” said the filing.

Under Dutch law, LGI would be required to make a bid for all of Ziggo should it acquire a stake greater than 30 per cent. At the time it made its 15 per cent investment, LGI said it considered the acquisition of a minority stake in Ziggo as “an attractive opportunity” to make a strategic investment in a market where it already enjoyed a sizeable presence through its UPC Netherlands subsidiary.

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