Court orders another audit of price in Kabel Deutschland case
10/06/2016 12:50
FRANKFURT, June 10 (Reuters) - A German court has handed a
victory to hedge fund Elliott in an ongoing battle about the
price Vodafone VOD.L paid for Kabel Deutschland by ordering
another audit of the value of the Germany's largest cable group.
Vodafone secured just over three quarters of shares in Kabel
Deutschland with a 84.50 euro ($95.51) per share, or 7.7 billion
euro, takeover offer in 2013 as it was seeking to expand its
offering of television and fixed-line services in Germany.
But U.S. hedge fund Elliott, which holds 14.4 percent of
Kabel Deutschland shares, filed a legal suit in 2014 demanding
higher compensation for minority shareholders in a squeeze-out.
The Munich regional court on Thursday called for a new audit
on the value of Kabel Deutschland and on whether Kabel
Deutschland managers violated their duties and German law before
and after the takeover.
Vodafone said it had no immediate comment.
($1 = 0.8847 euros)
(Reporting by Arno Schuetze and Joern Poltz; Writing by Harro
Ten Wolde; Editing by Victoria Bryan)
((harro.tenwolde@thomsonreuters.com; +49 69 7565 1271; Reuters
Messaging: harro.tenwolde.thomsonreuters.com@reuters.net))
Keywords: VODAFONE KABEL DE HLDG/ELLIOTT