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FRANKFURT, Dec 9 (Reuters) - A special auditor's reportconcluded there was a discrepancy between the price paid forGerman cable firm Kabel Deutschland by Britain'sVodafone and the value of the company.
The report, seen by Reuters, looks into the actions of KabelDeutschland and Vodafone before and during their mergernegotiations in 2013.
The takeover price of 84.53 euros ($104) in cash is disputedby hedge fund Elliott Management Corp, a shareholder in KabelDeutschland.
The auditor said that valuations by investment banks basedon the company's long-term planning indicated a value for KabelDeutschland of 104 euros per share. That does not includeadditional synergy effects estimated at up to 19.50 euros ashare by the investment banks.
"The discrepancy between the investment banks'considerations of the company's value and the takeover pricepaid by Vodafone is not plausible according to the findings ofthe report," the auditor wrote in the report.
The auditor, appointed at Kabel Deutschland's annual generalmeeting in 2013, also said the company had not provided thedocumentation necessary to clear up the discrepancy.
Vodafone said such a takeover price was unrealistic.
"The offer was unanimously recommended by KabelDeutschland's boards taking into account the views of theirinvestment bank advisers and accepted by 76.6 percent ofshareholders," a spokesman said.
Elliott, which owns a 13.5 percent stake in KabelDeutschland according to Thomson Reuters data, and investmentmanagement firms Davidson Kempner and York Capital have suedVodafone for higher compensation.
Elliott in October asked a Munich court to order the companyto give it a full copy of the auditor's report. KabelDeutschland said it would make the report available once certainsensitive information had been edited out.
Elliott declined to comment.
Kabel Deutschland was not immediately available for comment.Chief Executive Manuel Cubero, appointed after the takeover,said in October that the auditor had found that the offer pricemay not have been appropriate. He denied the finding. ($1 = 0.8119 euros) (Reporting by Arno Schuetze; Additional reporting by VictoriaBryan and Kate Holton; Editing by Andrew Roche and Leslie Adler)
