LGI to offer EUR1.96bn for remaining Telenet shares

In a company statement, Liberty Global Inc (LGI), the US-based cable firm owned by John Malone, has announced its intention to launch a voluntary and conditional cash offer to buy the outstanding shares in Belgian cableco Telenet that it does not already own for EUR1.96 billion (USD2.55 billion). Through its wholly owned subsidiary, Binan Investments, LGI already holds a 50.4% stake in the operator and has been the controlling shareholder since February 2007. The offer will be based on a price of EUR35 per ordinary share, representing a 14% premium over the average closing price for the one-month period ending 18 September 2012. ‘We believe this is the right time for Telenet to become a wholly-owned part of Liberty Global’s pan-European platform in its next stage of development, particularly in light of the competitive and regulatory outlook in Belgium,’ commented Mike Fries, president and CEO of Liberty Global, adding: ‘We remain very supportive of the existing management team and employees at Telenet, all of whom have contributed to the company’s success. We will continue our focus on investments and product innovation in Belgium.’