Further to the June 24th announcement of its agreed takeover bid for German cable MSO Kabel Deutschland, Vodafone has launched a voluntary public takeover offer for the entire share capital of Kabel Deutschland Holding (KDH) through its indirect wholly owned subsidiary Vodafone Vierte. Shareholders of KDH can tender their shares from today (July 30th) until September 11th.
The Offer price of €84.50 per KDH share in cash plus the payment of the proposed €2.50 dividend announced by KDH on February 20th, delivers a total value of €87.00 per KDH share. The offer represents a premium of 51 per cent to the weighted average share price of KDH during the three months period ended February 12th, which was the last undisturbed trading day before news articles were published asserting that Vodafone was interested in a takeover offer for KDH.
As of July 30th, Vodafone has purchased 3,750,462 KDH shares, representing approximately 4.2 per cent. of KDH’s total share capital.