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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Liberty Global plc    LBTYA   GB00B8W67662

LIBERTY GLOBAL PLC

(LBTYA)
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Liberty Global clears way for Sunrise takeover after being offered 82% shares

10/14/2020 | 04:51am EST
FILE PHOTO:  Swiss telecoms company Sunrise's logo is seen in Opfikon

ZURICH (Reuters) - Liberty Global has been successful in its 6.8 billion Swiss franc ($8.74 billion) attempt to buy Switzerland's Sunrise Communications after the all-cash offer was accepted by nearly 82% of the target's shareholders.

Liberty Global, set up by U.S. cable pioneer John Malone, offered 110 Swiss francs per share of Sunrise, Switzerland's second-biggest telecoms company, in a surprise deal in August.

The approach was a reversal of Sunrise's failed bid to buy Liberty's Swiss business, which collapsed after running into shareholder opposition last year.

At the end of the offer period on Oct. 8, 37.1 million Sunrise shares - equivalent to 81.98% of the voting rights and share capital - had been offered, the companies said on Wednesday in the definitive notice of the interim result.

The outcome, which exceeds the minimum acceptance threshold of two-thirds of all Sunrise shares being tendered, confirms the earlier provisional result.

An additional acceptance period of ten trading days will now start on Oct. 15 and run until Oct. 28.

An extraordinary shareholders meeting to be called by Sunrise will be held on or around Nov. 9, while Liberty Global intends to start the de-listing process for Sunrise from the SIX Swiss Exchange. It will also start the squeeze-out process for the remaining shareholders.

The deal, which is subject to regulatory approval, is the latest sign of consolidation in the telecom industry as companies try to cut costs and ramp up investments in technology.

($1 = 0.9151 Swiss francs)

(Reporting by John Revill; Editing by Krishna Chandra Eluri)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
FORMULA ONE GROUP -0.45% 39.73 Delayed Quote.-6.74%
LIBERTY BROADBAND CORPORATION 1.02% 150.6 Delayed Quote.-4.91%
LIBERTY GLOBAL PLC -0.64% 24.77 Delayed Quote.2.27%
SUNRISE COMMUNICATIONS GROUP AG 0.00% 110 Delayed Quote.-0.18%
THE LIBERTY BRAVES GROUP 0.91% 25.52 Delayed Quote.2.57%
THE LIBERTY SIRIUSXM GROUP -0.08% 39.85 Delayed Quote.-8.41%
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Financials (USD)
Sales 2020 11 732 M - -
Net income 2020 -264 M - -
Net Debt 2020 23 332 M - -
P/E ratio 2020 -36,3x
Yield 2020 -
Capitalization 14 317 M 14 317 M -
EV / Sales 2020 3,21x
EV / Sales 2021 2,81x
Nbr of Employees 20 200
Free-Float 93,2%
Chart LIBERTY GLOBAL PLC
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Technical analysis trends LIBERTY GLOBAL PLC
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TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 19
Average target price 33,24 $
Last Close Price 24,77 $
Spread / Highest target 101%
Spread / Average Target 34,2%
Spread / Lowest Target -11,2%
EPS Revisions
Managers and Directors
NameTitle
Michael Thomas Fries President, Chief Executive Officer & Director
John C. Malone Chairman
Charles Henry Rowland Bracken Chief Financial Officer & Executive Vice President
Enrique Rodríguez Chief Technology Officer & Executive VP
Paul Alan Gould Independent Director
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