Freenet rejects Sunrise deal despite Liberty offer
October 14, 2019
Sunrise’ biggest shareholder Freenet continues to oppose its SWF6.3 billion (€5.73bn) offer to buy Liberty Global’s UPC Switzerland business, despite a new offer from the US seller to take part in the acquisition.
Liberty Global offered to buy up to SWF500 million francs in newly created Sunrise shares to help finance the purchase, it would give Liberty about 8 per cent in Sunrise. But Freenet, which holds nearly a quarter of the stock in Sunrise, said it still opposed the deal which it deems too expensive.
Investors are due to vote on October 23rd on a capital raising to help fund the purchase.
“The participation of Liberty Global changes nothing in our opinion or that of the majority of shareholders about the deal,” Freenet said. “We still think that it is not a good deal. Liberty Global has merely said it will participate at rock bottom prices with the money they will receive from a too expensive sale.”