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Kabel Deutschland shareholders urged to accept Vodafone takeover

Vodafone is urging Kabel Deutschland shareholders to accept its $10.2 billion takeover offer.

Reports have suggested that the deal could fall short of the 75% approval rate required to go through, with the Financial Times reporting that acceptance offers have so far averaged just 68.5%.

In a statement issued this morning, Vodafone reminded Kabel Deutschland shareholders that the takeover offer was due to expire this coming Wednesday, September 11, at midnight, and said that this would lapse if the 75% minimum acceptance condition was not met by then.

The statement “advises KDH shareholders to contact their financial intermediaries, custodian banks or brokers as soon as possible to clarify the applicable deadline by which tender instructions need to be submitted”.

It said that the terms and conditions of its offer remained unchanged and would not be amended.

Vodafone is optimistic that the European Commission will approve the takeover bid later this month.

Vodafone would then be in a position to grant its 32 million mobile network customers in Germany improved access to wi-fi hotspots, with no additional charge in Berlin and Potsdam. Cities in Bavaria would follow.

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