Vodafone offers to pay more than two billion euros to end German legal fight

[BENGALURU] Vodafone Group on Tuesday offered over 2 billion euros (S$3.26 billion) to buy out minority shareholders in Kabel Deutschland Holding, in a deal aimed at ending a long-running legal battle with hedge fund Elliott and others over the cable company.

The British firm, which bought a nearly 77 per cent stake in the German cable company in 2013 for 7.7 billion euros, said it would offer all minority shareholders of KDG 103 euros in cash for each outstanding share.

Vodafone said shareholders representing 17 per cent of shares had accepted the offer, which valued all remaining minority holdings in Germany's largest cable company at up to 2.12 billion euros Elliott, D.E. Shaw and UBS O'Connor had all accepted the offer and agreed not to take further legal action against Vodafone, the statement added.

KDG minority shareholders had previously appealed a 2019 decision by a Munich district court that ruled that Vodafone's compensation for the 2013 takeover was "adequate".

"As a result of the agreement to tender their shares in KDG to Vodafone, the accepting shareholders will withdraw their appeal from the court of appeal in Munich," Vodafone said.

REUTERS

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