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LONDON (Alliance News) - Vodafone Group PLC Monday revealed that it had received acceptances from Kabel Deutschland shareholders holding a total 76.48% of the German cable company's share capital and voting rights by the end of the acceptance period for its takeover offer.
In a statement, Vodafone said it had received acceptances for about 72.21% of the share capital, on top of the 4.27% stake it already held.
The mobile giant Friday had confirmed it had reached the 75% acceptances threshold for the takeover bid to move forward. Concern had grown it might not make the threshold after acceptances in the early weeks of the offer period were low, and Paul Singer of Elliott Asset Management increased his stake to 10.9%, raising fears Elliott might try and hold out for a higher price.
Vodafone still faces a battle to complete the takeover at the current price. It now needs 90% acceptance to make its offer compulsory.
Elliot is known for previously getting involved with takeover battles to push for a higher price, and if its shares are not part of the 76.48% tendered, it may attempt to agitate Vodafone for a higher price. A spokesperson from Elliott said that the company was not commenting on the matter.
Germany is already Vodafone's largest European mobile market, but by acquiring Kabel Deutschland, it will be able to offer television and fixed-line services.
Shares in Vodafone were trading up 0.50 pence at 212.50 pence Monday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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