Daily Archives: January 28, 2014

How To Install Replace Windshield Wiper Transmission 2002-07 Jeep Liberty
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Liberty Never Sleeps: The Devolution of Good Manners
Conservative talk show with Republican rascal and raconteur, syndicated columnist Thomas Purcell. Uncensored, unfiltered opinions and phone calls from listen...

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Jeffrey Tucker Talks To Marc Abela About Liberty.me #39;s International Presence
Liberty.me is not about arbitrary national boundaries or state lines drawn in sand. We are about future where liberty thrives globally in the city in the clo...

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Jeffrey Tucker Talks To Marc Abela About Liberty.me's International Presence - Video

NEW YORK (The Deal) -- Acquisitive cable company Liberty Global (LBTYA) on Monday, Jan. 27, announced an agreement to buy the outstanding shares in Dutch cable company Ziggoin a deal with an enterprise value of 10 billion euros ($13.7 billion).

Liberty, of Englewood, Colo., said it would offer Class A and Class C shares, as well as 11 per share in cash, to buy the 71.5% of the Dutch cable company it doesn't already own. The bid is worth 34.53 euros per Ziggo share, a 4% premium to the company's Friday close and 12% higher than Ziggo's close on Dec. 11, the day before it revealed the latest round of talks.

It values the target's total equity at 6.9 billion euros.

"Our combined operations will reach over 90% of all Dutch households allowing us to compete more effectively with the other national telecommunications and satellite platforms in the Netherlands, and at the same time generate significant revenue and operating efficiencies," said Liberty CEO Mike Fries in a statement.

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Liberty Global strikes Ziggo deal

Liberty Global (LBTYA) reached a deal Monday to buy the rest of Dutch cable operator Ziggo for $9.44 billion in cash and stock, marking John Malones latest move to expand the media giants cable footprint in Europe.

The London-based company, which already has a 28.5% stake in Ziggo, was in pursuit of the cable company as early as October. Ziggo rejected an initial takeover attempt by Liberty Global, saying the bid was too low.

Ziggo shareholders are set to receive 11 a share, about $15 a share, in cash, plus Class A and Class C ordinary shares in Liberty Global. The price values Ziggo at roughly 34.53 a share, a 22% premium over its share price before Liberty Globals initial overture was turned down.

The deal is valued at a total of $13.7 billion, including debt.

According to Dow Jones Newswires, Ziggo chief financial officer Bert Groenewegen said at a press conference that he expects shareholders to welcome the Liberty Global offer.

Liberty Global said it intends to merge Ziggo with UPC, another Dutch cable provider in its portfolio. The combined companies will generate annual revenue of around 2.5 billion, or $3.4 billion.

Our combined operations will reach over 90% of all Dutch households, allowing us to compete more effectively with the other national telecommunications and satellite platforms in the Netherlands, Liberty Global CEO Mike Fries said.

The company added that it is confidence the European Commission will provide regulatory approval of the acquisition. It anticipates closing the transaction in the second half of 2014.

Malone led an effort last summer to acquire Kabel Deutschland, Germanys largest cable operator, but ultimately lost the race to Vodafone (VOD). Liberty Global already brought in two other German cable companies, including No. 2 Unitymedia, since 2009.

Last year, Liberty Global completed its $15.8 billion acquisition of U.K. cable giant Virgin Media.

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Liberty Global Snags Dutch Cable Company Ziggo

Ziggo NV, a Dutch cable company, will come under the Liberty Global umbrella under an agreement announced Monday. (Peter Dejong, The Associated Press)

AMSTERDAM Liberty Global PLC has agreed to buy Dutch cable company Ziggo NV for $9.44 billion in the latest offensive by Douglas County media mogul John Malone on the European telecommunications industry.

Liberty Global, Malone's international cable holding company, already owns 28.5 percent of Ziggo and had been in acquisition talks since August. Ziggo said in October that it had rejected a takeover offer but remained in talks, with the cash-and-stock deal finally announced Monday.

Under the terms of the agreement, which has the full support of Ziggo's management and supervisory board, Ziggo shareholders will get 11 euro ($15.03) in cash, 0.2282 Liberty Global Class A ordinary shares and 0.5630 Liberty Global Class C ordinary shares for each share they own. Based on Liberty Global's share price on Jan. 24, the offer implies a price of approximately $47.19 per Ziggo share.

Including debt, the deal values Ziggo at $13.7 billion.

Because of structural challenges and a weak European economy, consolidation in the continent's fragmented telecom industry is widely expected to continue at a brisk pace. London-based Liberty Global has already been an active deal maker on the continent, buying U.K. cable-television and Internet provider Virgin Media for $16 billion last year. It also raised its stake in Telenet Group Holding NV of Belgium.

Still, Liberty Global sees plenty of scope for further consolidation. "The European cable sector still has about 6,000 to 7,000 cable companies, compared to about a dozen in the U.S.," Liberty Global senior vice president Manuel Kohnstamm said.

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Liberty Global offers $9 billion for Ziggo