Kabel Deutschland approves Vodafone takeover

Vodafone’s €7.7 billion (US$10.2 billion) takeover offer for Kabel Deutschland has been accepted by the required 75% minimum of Kabel Deutschland shareholders, the firm confirmed.

Despite reports this week that Vodafone was far short of securing the required support ahead of the September 11 offer deadline, Kabel Deutschland said in a statement last night that it had reached the 75% figure and that Vodafone will publish the final acceptance ratio on September 16, 2013.

Kabel Deutschland said that a further, two-week extended acceptance period would now run between September 17, 2013 and midnight on September 30, 2013 allowing shareholders who have not yet accepted the offer to tender their shares.

Kabel Deutschland’s management and supervisory board recommended in August that shareholders accept Vodafone’s €87 per share offer, saying it considered it to be in the interest of the company. Final takeover completion remains subject to antitrust approval.

“Kabel Deutschland will host its Annual General Meeting on October 10, 2013 in Munich. Record date for votes in the AGM will be September 19, 2013. 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,” the firm said in a statement.

Vodafone announced its intention to buy Kabel Deutschland back in June, in a deal that will now establish the UK mobile operator as aleading triple-play cable provider in Germany – offering TV, broadband, mobile and fixed-line phone services.

At the time, Kabel Deutschland said that the takeover is primarily aimed at delivering growth in a “in a rapidly changing telecommunications and TV market,” which can be realised by combining Kabel Deutschland’s fixed line infrastructure and Vodafone’s strong position in the mobile market.