John Malone's international cable giant Liberty Global said on Wednesday that it has agreed to make an all-cash public tender offer for all publicly held shares of Swiss pay TV and telecom company Sunrise Communications in a 6.8 billion Swiss franc ($7.4 billion) deal.
The price tag puts a 32 percent premium on the no. 2 Swiss telecom firm’s average stock price over the past 60 days. Last year, Sunrise tried to buy Liberty Global’s Swiss cable business UPC, but Sunrise’s largest shareholder, Germany’s Freenet, which holds a 24 percent stake, and activist investors opposed the deal.
Freenet has signed "a binding, unconditional commitment to tender its shares at the offer price," Liberty Global said. The deal "will create the leading national.
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