Altice Raises Take-Private Bid to Appease Hedge Fund Rebels
- New bid of 5.35 euros apiece versus earlier 4.11 euros a share
- Investors have agreed to withdraw petition to regulators
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Altice Europe NV shareholders have forced a higher bid from the French telecom and media company’s billionaire founder, Patrick Drahi, who agreed to raise his offer to buy out the shares he doesn’t already own.
The new bid of 5.35 euros apiece is a 61% premium to the company’s share price on Sept. 10, the day before Drahi’s initial offer of 4.11 euros a share, and has been accepted by a group of outstanding investors who hold about 9.1% of the total outstanding shares, Drahi’s investment vehicle Next Private said in a statement on Wednesday.