Vodafone launches bid for Kabel Deutschland

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Associated Press

Posted on June 24, 2013 at 10:06 AM

BERLIN (AP) — Britain's Vodafone PLC has launched a takeover bid for Germany's biggest cable operator, Kabel Deutschland, which values the German company at 7.7 billion euros ($10.2 billion).

Kabel Deutschland Holding AG, which has more than 8 million customers, said Monday that its management and supervisory boards "welcome this announcement."

Vodafone will offer 87 euros per share. When including 3 billion euros in net debt, the deal puts Kabel Deutschland's total value at 10.7 billion euros.

Kabel Deutschland shares were up 2.2 percent in early Frankfurt trading at 85.96 euros.

Vodafone made a preliminary approach to Kabel Deutschland earlier this month. That was followed by a preliminary takeover proposal from U.S. rival Liberty Global.

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