On Friday, Patrick Drahi has revealed a €2.5 billion bid to take Altice Europe private, saying that the move would represent a “new and exciting chapter for Altice Europe and our stakeholders”.
The bid comes via Drahi&rsquo…
On Friday, Patrick Drahi has revealed a €2.5 billion bid to take Altice Europe private, saying that the move would represent a “new and exciting chapter for Altice Europe and our stakeholders”.
The bid comes via Drahi’s holding company Next Alt, which already controls 77.6% of Altice Europe. Drahi is offering quite a premium for the shares – at €4.11 per share, the offer is 23.8% above the shares’ closing price yesterday.
It should be noted here, however, that Altice Europe’s shares have taken a significant hit since onset of the coronavirus pandemic, leaving them far below their peaks at the start of the year, so this bid is not quite as shiny as it immediately appears.
Nonetheless, Altice Europe’s board has agreed to the offer and will recommend it to shareholders.
Drahi himself is promoting the move as helping the business to focus on “executing our long-term strategy”.
“The proposed ownership structure will enable an increased focus on executing our long-term strategy, and underlines my confidence and conviction in Altice Europe’s prospects,” he said. “Altice Europe has a unique asset base, fully converged and fibre rich, with a leading position and nationwide fixed and mobile coverage across markets. With my ongoing personal involvement, Altice Europe will maintain the fundamental Altice Model at heart.”
The offer is expected to finalise at the start of next year, subject to typical regulatory assessment.
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