FRANKFURT (dpa-AFX Broker) - The planned acquisition of more 1&1 shares by parent company United Internet weighed on its shares in pre-market trading on Friday. While 1&1 shares were suspended from trading before the market opened, United shares were traded. The plan resulted in a six percent discount on the Tradegate platform.
United wants to increase its stake in the mobile phone operator from just under 81 percent to up to 90 percent and is offering €18.50 for up to 16.25 million shares. Compared with the previous day's closing price on Xetra, this represents a premium of almost 21 percent for 1&1 shareholders. In total, the maneuver could cost the parent company up to 300 million euros.
In view of the investments planned for the expansion of the 1&1 mobile communications network in the coming years, a clear and stable shareholder structure is important, according to the statement. The 90 percent limit is tactical, as according to the announcement, a free float of at least 10 percent is intended to ensure that 1&1 shares continue to be adequately traded on the stock exchange.
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