 "Vodafone urges Kabel shareholders to accept $10-bn bid")
Vodafone urged Kabel Deutschland shareholders to accept its euro 7.7 billion ($10.1 billion) offer, warning the bid would lapse if less than three quarters of them agree to sell Germany's largest cable operator by Wednesday.
Earlier on Monday the Financial Times said the British mobile network operator may fail to reach the 75 per cent acceptance threshold, citing anonymous shareholders.
Vodafone, which last week agreed the sale of its share in US operator Verizon Wireless for $130 billion, wants to buy Kabel Deutschland to offer more television and fixed-line services in Germany, its largest European mobile market.
"There will not be any additional acceptance period should the 75 per cent acceptance condition not be met by Wednesday, 11 September," Vodafone said on Monday.
Vodafone said that by Friday evening it had secured the support of holders of 11.86 per cent of Kabel Deutschland, which operates Germany's biggest cable network. That includes 4.27 per cent of Kabel Deutschland shares Vodafone and a person that acts jointly with the group already owned.
In acquisitions, however, shareholders generally wait until the deadline to tender their shares in case a last-minute rival bid emerges.
Kabel Deutschland shares were down 0.9 per cent at euro 84.97 by 1104 GMT, just above Vodafone's offer. Trading volumes in the shares were more than double those in the FTSE 300 and the German blue chip index.
Vodafone agreed a euro 84.5 a share offer for Kabel Deutschland in June, a near 40 per cent premium to Kabel's share price before the British company's interest first emerged.
Earlier on Monday the Financial Times said the British mobile network operator may fail to reach the 75 per cent acceptance threshold, citing anonymous shareholders.
Vodafone, which last week agreed the sale of its share in US operator Verizon Wireless for $130 billion, wants to buy Kabel Deutschland to offer more television and fixed-line services in Germany, its largest European mobile market.
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If the deal collapses, Vodafone would be left relying on an agreement to rent fixed lines from Deutsche Telekom, rather than owning its network. It also faces the risk of Kabel Deutschland becoming an aggressive competitor in mobile phones, analysts said.
"There will not be any additional acceptance period should the 75 per cent acceptance condition not be met by Wednesday, 11 September," Vodafone said on Monday.
Vodafone said that by Friday evening it had secured the support of holders of 11.86 per cent of Kabel Deutschland, which operates Germany's biggest cable network. That includes 4.27 per cent of Kabel Deutschland shares Vodafone and a person that acts jointly with the group already owned.
In acquisitions, however, shareholders generally wait until the deadline to tender their shares in case a last-minute rival bid emerges.
Kabel Deutschland shares were down 0.9 per cent at euro 84.97 by 1104 GMT, just above Vodafone's offer. Trading volumes in the shares were more than double those in the FTSE 300 and the German blue chip index.
Vodafone agreed a euro 84.5 a share offer for Kabel Deutschland in June, a near 40 per cent premium to Kabel's share price before the British company's interest first emerged.