Despite well-publicised fears at the start of the week that the minimum 75 per cent acceptance level for Vodafone’s planned acquisition of German cable MSO Kabel Deutschland would not be reached by the first phase deadline of September 11th, the telco confirmed September 12th that the voluntary public tender offer has met the required acceptance condition.
Vodafone will publish the final acceptance ratio on September 16th.
Completion of the takeover remains subject to antitrust approval.
A further, two-week extended acceptance period follows according to the German Securities Acquisition and Takeover Act (Wertpapiererwerbs- und Übernahmegesetz/WpÜG).
Kabel Deutschland shareholders who have not yet accepted the offer can tender their shares between September 17th and midnight (CET) on September 30th. Vodafone’s offer values Kabel Deutschland at €87 per share.
In their Reasoned Opinion of August 2nd 2013, the Management Board and Supervisory Board of Kabel Deutschland had recommended shareholders to accept the offer as they considered it to be in the interest of the company, shareholders, the workforce and other stakeholders.
Germany’s Federal Cartel Office (Bundeskartellamt) confirmed to Vodafone that it would not request the European Commission to refer the Offer to the Office for its approval, and the deadline for making such request expired on September 6th.
The EC is expected to complete its Phase I review of the Offer by September 20th.