BRUSSELS Dec 20 A major shareholder in Telenet
, Belgium's biggest broadband cable firm, has rejected
a 35 euros per share bid by Liberty Global, adding
further pressure on the U.S. cable group to raise its offer.
Norges Bank Investment Management, which holds a 4 percent
stake and is Telenet's fourth-biggest shareholder, said in a
statement on Thursday that it would not participate in the
Liberty Global, which already has an over 50 percent stake,
launched its bid to take full control of Telenet in September as
it sought to strengthen its grip on a company benefiting from
expansion across a range of telecoms services.
Financial advisor 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.
However, Liberty Global's Finance Director Charles Bracken
said last month the firm was not prepared to raise its price for
Telenet because it believes it has already made a fair offer.