Liberty Global plc (NasdaqGS:LBTY.A) agreed to acquire remaining 40.82% stake in Telenet Group Holding NV (ENXTBR:TNET) for ?22 per share on March 21, 2023. The purchase of shares will be funded by non-recourse debt financing obtained. On April 11, 2023, Liberty entered into a facility agreement under which the lenders have agreed to provide a ?1 billion term loan facility (Facility B) to Liberty which can be drawn to (i) finance the voluntary and conditional public takeover bid for all of the shares of Telenet that it does not already own. The independent directors of Telenet have appointed Lazard BV/SRL as independent expert in accordance with article 23 of the royal decree of April 27, 2007 on public takeovers. As of June 7, 2023, Liberty Global plc publish the prospectus related to the offer. In conjunction with the prospectus, the Board of Directors of Telenet has prepared a response memorandum in which it sets out its recommendation of the Offer. Both the prospectus and the response memorandum have been approved by the Financial Services and Markets Authority in Belgium (FSMA). The initial acceptance period will start on June 8, 2023, and end on July 12, 2023. Liberty Global intends to announce the results of the initial acceptance period on or around July 19, 2023. The Offer Price will be made payable on July 26, 2023, assuming no mandatory extensions of the Offer. If following the Offer, Liberty Global, together with Telenet, own at least 95% of the shares of Telenet and has acquired, by acceptance of the Offer, at least 90% of the shares that are the subject of the Offer, the Offer will be followed by a simplified squeeze-out bid subject to the same financial conditions as the Offer.

As of July 19, 2023, During the initial acceptance period, which ended on July 12, 2023, 34,676,001 shares of Telenet were tendered. As a result, the Offeror will own a total of 101,018,038 shares of Telenet, representing 93.23% of stake. The Offeror waives the condition of owning, together with Telenet, at least 95% of the outstanding shares in Telenet. Since the Offeror, together with Telenet, will own more than 90% of all Telenet shares following the transfer of such shares on the Payment Date, the Offer will be mandatorily reopened on August 24, 2023. This subsequent acceptance period will close September 13, 2023. Shareholders who have not yet accepted the Offer will thus be able to accept the Offer in this period. As of August 24, 2023, Liberty Global has re-opened the mandatory re-opening of its voluntary and now unconditional public takeover bid by its indirect wholly-owned subsidiary, Liberty Global Belgium Holding B.V. (the Offeror) for the 6.57% shares of Telenet Group Holding NV (Telenet) that the Offeror does not already own or that are not held by Telenet, at a price of ?21.00 per share (after deduction of the ?1.00 gross dividend approved by Telenet?s ordinary general meeting of 26 April 2023 and paid on 5 May 2023) (the Offer). The subsequent acceptance period will be opened at 9:00am CET on Thursday24 August 2023 and will close on Wednesday 13 September 2023 at 4:00pm CET. Shareholders who have not yet accepted the Offer will thus be able to accept the Offer in this period. If, following the Offer, the Offeror, together with Telenet, owns at least 95% of the shares of Telenet and has acquired, by acceptance of the Offer, at least 90% of the shares that are the subject of the Offer (i.e. resulting in 96.23% ownership), the Offer will be followed by a simplified squeeze-out bid subject to the same financial conditions as the Offer. As of August 24, 2023. The subsequent acceptance period will be opened at 9:00am on Thursday August 24, 2023 and will close on Wednesday September 13, 2023 at 4:00pm. Shareholders who have not yet accepted the Offer will thus be able to accept the Offer in this period.

JP Morgan, BNP Paribas and LionTree Advisors are acting as financial advisers and Allen & Overy, Dan Litowitz, George Casey and Simon Burrows of Shearman & Sterling and Ropes & Gray as legal advisers to Liberty Global. Goldman Sachs International is acting as financial adviser and Freshfields Bruckhaus Deringer LLP is acting as legal advisor to Telenet. Koen Vanhaerents of Baker McKenzie is acting as legal adviser to the independent directors of Telenet.