Liberty Global Inc. doesn't plan to change its offer to buy out the shares of Belgium's Telenet Group Holding NV for 35 euro ($45) a share, despite a Lazard Ltd. report saying the company is worth 37 euro to 42 euro.

Douglas County-based Liberty announced plans last month to buy the almost 50 percent of Telenet that it doesn't already own for a total of about $2.58 billion . Lazard, a financial advisory firm, was hired to assess the shares under Belgian takeover rules.

Liberty, a cable company led by billionaire John Malone, said Monday that Lazard's methodology was flawed.

"Liberty Global has serious reservations regarding the long-term business-plan assumptions that were used in the valuation report prepared by Lazard," the company said Monday in a statement. "Liberty Global believes that these assumptions form a speculative plan that cannot be reasonably achieved or implemented."

"Liberty Global continues to believe that the offer price represents a meaningful premium to its view on the intrinsic value of Telenet and a unique opportunity for the shareholders to monetize their entire investment at a time when the European cable sector is trading at a multiyear high," Liberty Global said.

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Liberty Global proceeds with Telenet offer amid valuation questions