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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Liberty Global Plc    LBTYA   GB00B8W67662

LIBERTY GLOBAL PLC

(LBTYA)
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Liberty Global's CHF6.3 Billion Deal to Sell Swiss Operations to Sunrise Falters

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10/22/2019 | 06:54am EST

By Max Bernhard

Sunrise Communications Group on Tuesday canceled a shareholder meeting on its planned 6.3 billion Swiss francs ($6.4 billion) acquisition of Liberty Global PLC Swiss unit, citing lack of support from investors, effectively collapsing the deal.

Sunrise called the now canceled extraordinary general meeting--scheduled for Wednesday--to seek approval for a capital increase to help finance the deal. This was the last condition for the acquisition to go through. "Based on clear indications received from shareholders and Freenet's announcement to vote against the capital increase at the EGM, the board of directors of Sunrise has concluded that the clear majority of shareholders who have registered their shares to vote at the EGM do not support the capital increase," it said.

Liberty Global said it supports the cancellation of the EGM.

Freenet AG (FNTN.XE), which holds about a 25% stake in Sunrise, said at the beginning of October that it still wouldn't support the deal, after Sunrise had adjusted the capital structure for it.

"The adjustment to the target capital structure scratches only at the surface of the package of highly unfavorable deal terms and the fundamental strategic challenges of the transaction--in its entirety still leading to value destruction for all existing Sunrise shareholders," Freenet said then.

Write to Max Bernhard at max.bernhard@dowjones.com; @mxbernhard

Stocks mentioned in the article
ChangeLast1st jan.
FREENET GROUP 0.48% 20.06 Delayed Quote.-1.86%
LIBERTY GLOBAL PLC 1.26% 20.51 Delayed Quote.-9.81%
SUNRISE COMMUNICATIONS GROUP 0.75% 80.65 Delayed Quote.5.26%
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Financials (USD)
Sales 2019 11 516 M
EBIT 2019 775 M
Net income 2019 12 801 M
Debt 2019 22 211 M
Yield 2019 -
P/E ratio 2019 1,09x
P/E ratio 2020 -48,2x
EV / Sales2019 3,01x
EV / Sales2020 2,85x
Capitalization 12 492 M
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Technical analysis trends LIBERTY GLOBAL PLC
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Income Statement Evolution
Consensus
Sell
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Mean consensus HOLD
Number of Analysts 20
Average target price 26,06  $
Last Close Price 20,51  $
Spread / Highest target 75,5%
Spread / Average Target 27,1%
Spread / Lowest Target -12,2%
EPS Revisions
Managers
NameTitle
Michael Thomas Fries Chief Executive Officer
John C. Malone Chairman
Joost Baptiest P. Coopmans Senior Vice President-Operations
Charles Henry Rowland Bracken Chief Financial Officer & Executive Vice President
Enrique Rodríguez Chief Technology Officer & Executive VP
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