Vodafone hits a hitch over £6bn bid for German firm
Tuesday 10 September 2013
Vodafone was yesterday facing a surprise hitch over its £6.6bn take-over of Kabel Deutschland, as not enough shareholders in the German company look set to approve it by tomorrow’s deadline.
The deal could collapse if Vodafone fails to win 75 per cent acceptance, although those close to the British mobile giant said it was too soon to say what will happen.
Vodafone admitted only 11.9 per cent of Kabel Deutschland investors have approved the deal so far and it made a fresh plea for votes.
It is thought shareholders have been slow to act, rather than holding out for a better price.
Vodafone has three choices: It could walk away, it could wait a year to submit a fresh bid, or it could ask the German regulator for flexibility.
Neither Vodafone nor Kabel Deutschland would have to pay a break fee if the takeover foundered.
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