Vodafone Group is said to have submitted a revised offer to buy Spanish cableco Grupo ONO, with the British company also said to have initiated an accelerated due diligence process over the past weekend with a view to presenting a binding offer ahead of ONO’s board meeting this week. According to the Financial Times, which cites two people close to the process, the revised indicative bid values the Spanish operator at more than EUR7 billion (USD9.6 billion). With two previous approaches by Vodafone for the cableco which valued it at EUR6 billion and EUR6.5 billion, respectively, both of these were said to have been rejected as too low.
As previously reported by CommsUpdate, last month ONO confirmed its intention to press ahead with plans to pursue an initial public offering (IPO), despite the interest from Vodafone. At that date the cableco’s directors were said not to have discussed the matter of a takeover at a meeting held on 11 February, and instead it was said that the company’s private equity shareholders would meet on 13 March to approve the listing plan. In line with previous reports, ONO was said to foresee a valuation of between EUR7 billion and EUR8 billion, according to people familiar with the matter. Vodafone’s latest offer, however, is now expected to be considered at an upcoming board meeting this week.