LIBERTY GLOBAL ACQUIRES 100% OF TELENET FOLLOWING THE SIMPLIFIED SQUEEZE-OUT AND TELENET IS DELISTED ON 13 OCTOBER 2023
Mechelen, October 16, 2023 - Telenet Group Holding NV (“Telenet” or the “Company”) notes the announcement by Liberty Global plc (“Liberty Global”) of the results of the simplified squeeze-out period which opened on 22 September 2023 and closed on 13 October 2023 (the “Simplified Squeeze-Out Period”) of the voluntary and unconditional public takeover bid by its indirect wholly-owned subsidiary, Liberty Global Belgium Holding B.V. (the “Offeror”) for all the shares of Telenet that it did not already own or that were not held by Telenet (the “Offer”) and of Telenet’s delisting on 13 October 2023 at close of trade.
Liberty Global announced today that, during the Simplified Squeeze-Out Period, it received acceptances for 1,156,941 Telenet shares. Any shares of Telenet that were not tendered by the end of the Simplified Squeeze-Out Period will be automatically transferred to the Offeror by operation of law and, as a result, the Offeror will own 100% of the shares of Telenet upon settlement of the shares that were tendered during the Simplified Squeeze-Out Period.
Payment of the offer price for the Telenet shares tendered during the Simplified Squeeze-Out Period (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 occur on the payment date, 19 October 2023. The funds required to pay the offer price for any non-tendered shares will be deposited with the Deposit and Consignment Office (Deposito- en Consignatiekas). Shareholders that have not tendered their shares, but which were transferred by operation of law, will need to contact the Deposit and Consignment Office to receive payment for such shares.
On 13 October 2023, Telenet shares were delisted from Euronext Brussels at close of trade.
John Porter, CEO, Telenet, comments:
“Friday 13 October 2023 was the last day Telenet was listed on Euronext Brussels. As from settlement of the Simplified Squeeze-Out Period, all the Company's shares will be (indirectly) owned by Liberty Global resulting in the successful take private following Liberty Global’s initially announced intention in March.
I would like to sincerely thank all shareholders who have invested in Telenet over the past years for their trust. Over the years, we have witnessed the ever-changing dynamics of the market. Our presence on the stock exchange has been a significant part of our journey, and we are proud of what we have achieved. The take private of Telenet by Liberty Global positions Telenet to execute our long-term strategy and vision. It will allow us to further focus on our core operations, enhance operational efficiency, and prioritize sustainable growth. We believe this transaction will benefit our employees and customers as we embark on the next phase of our corporate journey.
At Telenet, we continue to believe in the tremendous potential of digital and we are committed to help people and businesses to stay one step ahead in the digital age. We are confident that Liberty Global’s ownership will further enable us to concentrate our resources where they matter most and continue our focus on innovation and excellence in the Belgian telecom and entertainment sector."
This document has been released on October 16, 2023, at 10.05 CET
