BARCELONA Nov 14 U.S. cable group Liberty
Global is not prepared to raise its price for Belgian
group Telenet because it believes it has already made
a full offer, Finance Director Charles Bracken said.
Liberty Global, which has 19.6 million customers in 13
countries, has offered 35 euros per share to buy the almost 50
percent of Telenet it does not already own. But advisers to the
Belgian cable operator have said the offer is too low.
The U.S.-based company made its offer in September, which
was worth about $2.6 billion at that time.
"We think it's a very full and fair offer, it's a company
that we control already so there is no take up premium," Bracken
told a conference in Barcelona organised by Morgan Stanley.
"So we're not prepared to raise our price and I think, if
there's any expectation of that, then we should put it to bed
because it's not going to happen."
Lazard, appointed by Telenet's independent directors to
evaluate the bid in accordance with Belgian law, said in October
that Telenet was worth between 37 and 42 euros.
In order to gain support for the deal, Liberty has said the
offer will no longer be conditional on attaining 95 percent of
"We are interested in having as much of this company as we
can have so we've dropped our condition of 95 percent. So if we
end up with 51, 60, 70, 80 or 90, that's fine with us. And we'd
welcome anyone who would want to stay on board."
Telenet has been steadily growing its business by upgrading
its clients to higher-priced digital television services and
selling packages containing broadband and, most recently, mobile
Liberty has been the controlling shareholder since 2007.