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Report: ONO rejects Vodafone, Liberty offers, will pursue IPO

  • Spain's La Vanguardia reports local cable giant ONO has rejected buyout offers from Vodafone (VOD +0.5%) and Liberty Global (LBTYA +1.5%), and plans to pursue a 1H14 IPO.
  • Vodafone, hungry to expand its European wireline footprint, was reported over the weekend to have made a formal offer for ONO. Bloomberg later reported a bid would need to be in the €7B-€8B ($9.5B-$10.9B) range to win board approval.
  • Yesterday: Vodafone open to building conglomerate, has big M&A budget
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