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KDL shareholders accept Vodafone offer

Vodafone’s $10.25 billion takeover of Kabel Deutschland (KDL) is to go ahead, following the acceptance of the UK mobile giant’s offer by the required 75% minimum of KDL shareholders.

Reports earlier this week had suggested that Vodafone was short of reaching the required support for the September 11 offer deadline, a statement from KDL yesterday said it had reached the 75% figure.

The KDL takeover will establish Vodafone as Germany’s leading cable provider in Germany, offering TV, broadband, mobile and fixed-line phone services.

Vodafone will publish the final acceptance ratio on 16 September. A two-week extended acceptance period will now run between 17 September and midnight on 30 September, allowing shareholders who have not yet accepted the offer to tender their shares.

In a statement, KDL said it would host its AGM in Munich on 10 October. “The company recommends that all shareholders including those who tendered their shares sign up for the AGM and cast their vote at the general meeting.”

KDL’s board recommended in August that shareholders accept Vodafone’s offer of $115 per share, as in the interest of the company.

Completion of the final takeover is subject to antitrust approval.

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