January 18, 2013 / 8:59 AM / 5 years ago

Liberty Global says won't extend bid for Telenet

BRUSSELS, Jan 18 (Reuters) - U.S. cable group Liberty Global said on Friday it would not extend its bid for Belgian cable operator Telenet, in which it now holds a 58.3 percent stake.

The group held a controlling 50.4 percent of Telenet when it offered 35 euros per share to gain full control of the company in September last year, but most shareholders held out for a higher bid.

The bid valued the remaining stake in the Belgian operator, which provides television, broadband and mobile phone services in the Dutch-speaking north of Belgium, at 1.96 billion euros ($2.6 billion).

Liberty Global said in an official announcement in Belgian business dailies De Tijd and L‘Echo on Friday that it now held 58.3 percent of Telenet and 58.4 percent of the voting rights. It also said it would not reopen the bid, which was to expire on Friday.

Telenet’s shares traded 2.8 percent lower in early trading around 35.72 euros, still above Liberty Global’s bid value.

Telenet unexpectedly released a trading update last week, saying its 2012 revenues rose by 8.2 percent to 1.49 billion euros, beating analysts’ average forecast of 1.48 billion and company guidance for growth of 7-8 percent.

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