Altice Europe founder raises offer to take company private (updated)

Boussard and Gavaudan Holding

16/12/2020 09:15

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    PARIS, Dec 16 (Reuters) - The founder of Altice Europe NV
 ATCA.AS , Patrick Drahi, has raised his offer to take the
telecoms company private, to 5.35 euros ($6.53) per share from
4.11 euros, he said on Wednesday.
    A company statement said that shareholders including
Boussard & Gavaudan, Elliott, LB Partners, Lucerne and Sessa,
have committed to tender their shares under the new proposal.
    "This revised offer represents a significant increase in
price, demonstrating that the company and its independent
directors recognise the inherent value of Altice Europe stock,"
Lucerne Capital said in a separate statement.
    Shares in Altice Europe were up 23.3% at 0828 GMT.
    Altice Europe also said that investors will withdraw
complaints they had filed at an Amsterdam court to block Drahi's
bid.
    Drahi, who controls 77.8% of Altice voting rights, offered
on Sept. 11 to buy all the shares he does not already own at
4.11 euros each.  urn:newsml:reuters.com:*:nL8N2G81K7
    His bid comes after years of investor scrutiny over Altice
Europe's high debt levels, which have weighed on its share
price, though the company had recently chipped away at that
burden and has increased subscriber numbers in France.
    The Amsterdam-listed company and Drahi's buyout vehicle,
Next Private, said in September that the offer was aimed at
reducing share price volatility as well as costs.
($1 = 0.8195 euros)

 (Reporting by Matthieu Protard and Gwenaelle Barzic
Editing by Louise Heavens and David Goodman)
 ((matthieu.protard@thomsonreuters.com; +33-1-49495381;))