Following its takeover bid, the Anglo-Saxon giant holds more than 4 / 5ths of the shares of the Swiss number two in telecoms.
Via its subsidiary UPC Switzerland, Switzerland’s leading cable operator, the Anglo-Saxon giant Liberty Global holds 81.98% of the voting rights and shares of Sunrise, according to the final interim result following its public takeover bid. on the Swiss telecoms number two. As part of the transaction, no less than 37.1 million Sunrise shares were served to him.
Before the additional deadline for accepting the public takeover offer, which begins Thursday, October 15 for a period of ten days, the portion of securities held by Liberty Global, unchanged from the provisional interim result of last Friday, corresponds to the minimum target set by the purchaser, according to the press release released Wednesday by Sunrise.
The British group, through its subsidiary UPC Switzerland, offers 110 francs per Sunrise share. The price offered by Liberty Global represents a premium of 32% compared to the weighted average price of the last 60 trading days preceding the buyback announcement, ie 83.17 francs.
Takeover bid on August 12
Liberty Global had announced its intention to seize Sunrise on August 12, with an offer valuing Switzerland’s second-largest operator at 6.8 billion francs. At the end of its friendly raid, Liberty Global intends to launch a squeeze-out procedure on any residual Sunrise securities and to discount the company.
Liberty Global however reserved the option of reintroducing the future merged entity – whose name remains unknown – once the integration process between UPC and Sunrise has been completed. The consequences of this process, particularly in terms of jobs, are not known at this stage either.
Sunrise and UPC Switzerland have combined sales of CHF 3.1 billion and together serve around 2.1 million mobile customers. With 1.2 million subscribers to their Internet access services and 1.3 million for digital television, the two partners have a market share of nearly 30% in these two activities.
Thanks to this union, Sunrise is expanding its own fixed network with that of UPC Switzerland, while the latter obtains access to the mobile network of its competitor and neighbor.
Liberty Global’s offer revived the merger project abandoned at the end of last year between the Swiss number two in mobile telephony and the cable operator of Wallisellen. Sunrise had indeed come up against the reluctance of its shareholders, starting with Freenet, who considered the 6.3 billion francs placed on the table too high.
The operation had however obtained an unconditional green light from the Competition Commission (Comco). Sunrise then had to pay a breach penalty of 50 million.