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MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  Sunrise Communications Group AG    SRCG   CH0267291224

SUNRISE COMMUNICATIONS GROUP AG

(SRCG)
  Report
Delayed Quote. Delayed Swiss Exchange - 12/04 11:31:07 am
110.1 CHF   --.--%
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Sunrise shareholders accept Liberty Global tender offer

10/09/2020 | 01:30am EST

ZURICH, Oct 9 (Reuters) - Liberty Global cleared a key hurdle in its all-cash 6.8 billion Swiss franc ($7.43 billion) tender for Switzerland's Sunrise Communications , with provisional results on Friday showing an acceptance rate of nearly 82%.

In the surprise deal announced in August, Liberty Global offered 110 Swiss francs per share in Sunrise, Switzerland's No. 2 telecoms company. One condition was that it get at least two thirds of the shares.

Shares closed on Thursday at 109 francs, up 43% this year.

An additional acceptance period now runs until Oct. 28. Liberty Global intends to initiate a squeeze-out procedure and delist Sunrise shares from trading on the SIX Swiss Exchange once the deal is set.

The agreed deal reversed Sunrise's failed bid to buy Liberty's Swiss business last year and marked a strategic reversal by the U.S. company, which had been divesting European assets.

Sunrise's bid to buy Liberty Global's Swiss cable business UPC last year collapsed in the face of opposition from Sunrise's biggest shareholder, Germany's Freenet, and activist investors including Axxion and AOC, who baulked at the price.

Freenet, which owns 24% of Sunrise, had committed to tender its shares for Liberty Global's bid.

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 = 0.9154 Swiss francs) (Reporting by Michael Shields; Editing by Maria Sheahan)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
FREENET AG -0.15% 17.005 Delayed Quote.-16.68%
LIBERTY GLOBAL PLC 2.09% 24.82 Delayed Quote.7.30%
SUNRISE COMMUNICATIONS GROUP AG 0.00% 110.1 Delayed Quote.44.77%
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More news
Financials
Sales 2020 1 903 M 2 136 M 2 136 M
Net income 2020 105 M 117 M 117 M
Net Debt 2020 1 612 M 1 809 M 1 809 M
P/E ratio 2020 54,7x
Yield 2020 4,17%
Capitalization 4 984 M 5 594 M 5 594 M
EV / Sales 2020 3,47x
EV / Sales 2021 3,36x
Nbr of Employees 1 763
Free-Float 1,79%
Chart SUNRISE COMMUNICATIONS GROUP AG
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Sunrise Communications Group AG Technical Analysis Chart | SRCG | CH0267291224 | MarketScreener
Technical analysis trends SUNRISE COMMUNICATIONS GROUP AG
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 2
Average target price 110,00 CHF
Last Close Price 110,10 CHF
Spread / Highest target -0,09%
Spread / Average Target -0,09%
Spread / Lowest Target -0,09%
EPS Revisions
Managers
NameTitle
André Krause Chief Executive Officer
Michael Thomas Fries Chairman
Uwe Schiller Chief Financial Officer
Elmar Grasser Chief Technology Officer
Michael Krammer Vice Chairman
Sector and Competitors