Vodafone Vierte Verwaltungs AG (Vodafone) made a tender offer to acquire 23.24% stake in Kabel Deutschland Holding AG (HMSE:KD8) (KDG) for €2.1 billion on December 22, 2020. Under the terms of transaction, Vodafone will offer the KDG shareholders cash consideration of €103 for each outstanding KDG share. The cash consideration will be funded from Vodafone's existing cash resources. The transaction is subject to customary closing conditions, including foreign investment control clearance in Germany. The acceptance period of tender offer is December 28, 2020 to February 1, 2021. Vodafone has received irrevocable undertakings from entities advised by the D. E. Shaw group, by Elliott Advisers (UK) Limited and by UBS O'Connor LLC to accept the Offer for all of KDG shares, representing approximately 17.1% of the share capital of KDG. As of February 1, 2021, the tender offer has been accepted by shareholders tendering a total of 15.1 million of Kabel Deutschland Holding AG shares. This corresponds to approx.17.1% of the share capital and the voting rights of Kabel Deutschland Holding AG and to an acceptance rate of the tender offer of 73.5%. The KDG shares held by the bidder and the total number of Kabel Deutschland Holding AG Shares the tender offer was accepted for amounted to a total of 83.1 million Kabel Deutschland Holding AG Shares. This corresponds to approx. 93.8% of the share capital and the voting rights in Kabel Deutschland Holding AG. As of February 4, 2021, the tender offer still remains subject to clearance from Foreign Investment Control. The offer is beneficial to Vodafone and will be immediately accretive for both adjusted earnings per share and free cash flow per share. Vodafone Vierte Verwaltungs AG (Vodafone) completed the acquisition of 23.24% stake in Kabel Deutschland Holding AG (HMSE:KD8) on February 10, 2021. The offer acceptance had already expired at February 1, 2021, but the completion condition set out in the offer document has been fulfilled now with the German Federal Ministry for Economic Affairs and Energy issuing a clearance certificate. The consideration will be settled by February 19, 2021.