real-time news and commentary for investors
Wednesday, Sep 11
Vodafone has much ground to make up in Kabel vote
- Vodafone (VOD) was far away from securing shareholder approval for its €7.7B takeover of Kabel Deutschland (KBDHF.OB) as of 5.30 pm in Germany yesterday, not long before the offer is due to lapse at midnight tonight.
- Kabel investors had tendered 19.88% of shares, well below the 75% minimum requirement that Vodafone has set for the deal to go through.
- Kabel Deutschland's biggest shareholder, U.S. activist investment fund manager Paul Singer, wants Vodafone to raise its offer for the German company, but the British operator has refused to do so. (PR)