March 13, 2014 / 12:35 PM / 6 years ago

Ono owners approve IPO, board still debating Vodafone bid -sources

MADRID, March 13 (Reuters) - Shareholders of Spanish cable group Ono on Thursday approved plans for a stock market listing, while the company’s board is still mulling a takeover approach from Britain’s Vodafone, two sources close to the matter said.

“For now, the shareholders have given the go-ahead for the launch of a stock market listing, but that does not mean that in the coming days a deal won’t be reached with Vodafone and that the company won’t be sold,” said one of the Spanish group’s shareholders.

Ono declined to comment. Another source said that the board of private equity-backed Ono had begun a meeting after a shareholder gathering finished on Thursday, and it was due to discuss Vodafone’s offer.

Vodafone raised its initial bid for Ono, sources said last week. Ono had rebuffed an earlier offer in February and said then it would press ahead with plans for a flotation that would value the company at 7 billion euros ($9.7 billion). ($1 = 0.7192 euros) (Reporting by Robert Hetz, Writing by Sarah White, Editing by Tracy Rucinski)

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