PARIS, Dec 16 (Reuters) - The founder of Altice Europe NV , Patrick Drahi, has raised his offer to take the telecoms company private, to 5.35 euros ($6.53) per share from 4.11 euros, he said on Wednesday.
A company statement said that shareholders including Boussard & Gavaudan, Elliott, LB Partners, Lucerne and Sessa, have committed to tender their shares under the new proposal.
“This revised offer represents a significant increase in price, demonstrating that the company and its independent directors recognise the inherent value of Altice Europe stock,” Lucerne Capital said in a separate statement.
Shares in Altice Europe were up 23.3% at 0828 GMT.
Altice Europe also said that investors will withdraw complaints they had filed at an Amsterdam court to block Drahi’s bid.
Drahi, who controls 77.8% of Altice voting rights, offered on Sept. 11 to buy all the shares he does not already own at 4.11 euros each.
His bid comes after years of investor scrutiny over Altice Europe’s high debt levels, which have weighed on its share price, though the company had recently chipped away at that burden and has increased subscriber numbers in France.
The Amsterdam-listed company and Drahi’s buyout vehicle, Next Private, said in September that the offer was aimed at reducing share price volatility as well as costs. ($1 = 0.8195 euros) (Reporting by Matthieu Protard and Gwenaelle Barzic Editing by Louise Heavens and David Goodman)
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