Liberty Global acquires 93.23% of Telenet Group

Liberty Global Acquires 93.23% Of Telenet Group Holding And Will Reopen Its Offer In August

DENVER, Colorado — Liberty Global announced yesterday the results of the initial acceptance period of the voluntary and conditional public takeover bid by its indirect wholly-owned subsidiary, Liberty Global Belgium Holding B.V. (the Offeror) for all the shares of Telenet Group Holding NV (Telenet) that the Offeror does not already own or that are not held by Telenet (the Offer).

During the initial acceptance period, which ended on 12 July 2023, 34,676,001 shares of Telenet were tendered. As a result, the Offeror will own a total of 101,018,038 shares of Telenet as from 26 July 2023 (the Payment Date).

Taking into account the 3,500,526 treasury shares already held by Telenet, the Offeror will directly or indirectly own a total of 93.23% of the shares of Telenet as from the Payment Date.

Payment of the offer price for the tendered shares (EUR 21.00 per share after deduction of the EUR 1.00 gross dividend approved by Telenet’s ordinary general meeting of 26 April 2023 and paid on 5 May 2023) will take place on the Payment Date, 26 July 2023.

The Offeror waives the condition of owning, together with Telenet, at least 95% of the outstanding shares in Telenet. Since the Offeror, together with Telenet, will own more than 90% of all Telenet shares following the transfer of such shares on the Payment Date, the Offer will be mandatorily reopened at 9:00am CET on Thursday 24 August 2023.

This subsequent acceptance period will close on Wednesday 13 September 2023. Shareholders who have not yet accepted the Offer will thus be able to accept the Offer in this period. After the initial acceptance period, the free float of the Telenet shares will be limited to 6.77%. The reopening gives investors who missed the initial acceptance period or those seeking additional liquidity the opportunity to still accept the Offer.

The results of the subsequent acceptance period will be announced on or around 20 September 2023. Payment of the offer price of the shares tendered during the subsequent acceptance period will be made on or around 27 September 2023.

If, following the Offer, the Offeror, together with Telenet, owns at least 95% of the shares of Telenet and has acquired, by acceptance of the Offer, at least 90% of the shares that are the subject of the Offer, the Offer will be followed by a simplified squeeze-out bid subject to the same financial conditions as the Offer.