Altice Europe: investors cheer Next Private's higher offer

(CercleFinance.com) - Patrick Drahi's Next Private has raised its offer to buy Altice Europe in a move that prompted several investment funds to say that they will tender their shares.


Next - whose previous bid incited refusal from some investors - said it would pay 5.35 euros a share for the European telecoms group, up from the offer of 4.11 euro a share it launched in September.

The offer represents a premium of 61% to Altice Europe's closing price on 10 September, Drahi's holding company said.

Several investment funds, such as Swiss Boussard & Gavaudan or Elliott, together representing approximately 9.1% of the capital, have entered into irrevocable agreements to tender their shares.

Lucerne Capital, which expressed its opposition to the deal, welcomed the revised offer and withdrew the legal proceeding that it had filed previously.

The Altice Europe stock, which is listed on Euronext Amsterdam, was soaring nearly 22% on this news.

Patrick Drahi, the founder of Altice Europe, currently owns about 77.5% of the European telecommunications group's capital. The businessman plans to delist the company once the offer is complete.

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