Liberty Global to acquire Cablecom for $2.19 billion
Televisionpoint.com Team
Cable TV operator Liberty Global Inc. will acquire Cablecom Holdings AG, Switzerland's largest broadband cable operator for about $2.19 billion.
"It is fair to say the company was very much focusing on an IPO and the conversation with Liberty was an ongoing process, We engaged in the IPO process and we were comfortable with the demand from the market but Liberty came back to us late last night with an offer that was very strong. The board was put in front of the certainty of a cash offer versus the risk of market conditions." Bruno Claude, Chief Executive said to Reuters.
Media reports say that, Companies often use a dual track process of running a sale and IPO at the same time to add pricing tension. Sources familiar with the situation said Liberty, which was the only bidder interested ahead of the IPO, had walked away as late as Tuesday but returned with a higher offer when the IPO terms were announced.
Liberty Global, the largest owner of cable assets outside the United States, was formed when Liberty Media International acquired European cable firm UnitedGlobalCom in June.
Cable TV operator Liberty Global Inc. will acquire Cablecom Holdings AG, Switzerland's largest broadband cable operator for about $2.19 billion.
"It is fair to say the company was very much focusing on an IPO and the conversation with Liberty was an ongoing process, We engaged in the IPO process and we were comfortable with the demand from the market but Liberty came back to us late last night with an offer that was very strong. The board was put in front of the certainty of a cash offer versus the risk of market conditions." Bruno Claude, Chief Executive said to Reuters.
Media reports say that, Companies often use a dual track process of running a sale and IPO at the same time to add pricing tension. Sources familiar with the situation said Liberty, which was the only bidder interested ahead of the IPO, had walked away as late as Tuesday but returned with a higher offer when the IPO terms were announced.
Liberty Global, the largest owner of cable assets outside the United States, was formed when Liberty Media International acquired European cable firm UnitedGlobalCom in June.
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