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(Alliance News) -Â Vodafone Group PLC on Thursday said subsidiary Vodafone Vierte Verwaltungs AG received an acceptance rate of nearly 74% for its tender offer for Kabel Deutschland Holding AG shares.
By the end of the acceptance period for the tender offer, the offer had been taken up by shareholders tendering 15.1 million KDG shares. This corresponds to around 17.1% of the share capital of KDG and a tender offer acceptance rate of nearly 74%.
The number of KDG shares held by Vodafone Vierte Verwaltungs and the number of shares accepted under the tender offer amounts to 83.1 million, or a 93.8% stake in KDG.
In December 2020, Vodafone and its subsidiary Vodafone Vierte Verwaltungs announced a tender offer to all other shareholders of KDG. The Berkshire, England-based telecommunications company said it would offer EUR103 in cash for each KDG share.
The FTSE 100 constituent said the offer would be beneficial to the company and will reduce Vodafone's exposure to ongoing legal proceedings related to the KDG acquisition. Vodafone first announced its intention to acquire KDG in June 2013 via a voluntary public takeover offer. The offer completed in October 2013 and resulted in Vodafone owning 76.8% of KDG.
The Munich District Court in 2019 ruled that the compensation Vodafone paid was "adequate", but a number of KDG minority shareholders appealed this decision, triggering an appeals process "which has now commenced and is expected to take several years to complete", Vodafone said in December.
Vodafone shares were up 1.6% at 136.98 pence in London on Thursday.
By Lucy Heming;Â lucyheming@alliancenews.com
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