December 20, 2012 / 8:00 AM / 5 years ago

Major Telenet shareholder rejects Liberty buyout bid

BRUSSELS, Dec 20 (Reuters) - 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 tender offer.

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.

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