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Liberty Global increases stake in UK broadcaster ITV
MUMBAI: International cable company Liberty Global has acquired 138.7 million shares in UK broadcaster ITV thereby increasing its existing stake to a total of 398.5 million shares. This translates to approximately 9.9 per cent of ITV’s ordinary shares outstanding.
The acquisition of the additional ITV shares, combined with amending an existing hedging transaction with respect to ITV shares, will result in net cash being released to Liberty Global.
Liberty Global CEO Mike Fries stated, “Given ITV’s operating and stock price performance, we were able to increase our stake to 9.9 per cent with no incremental investment by hedging our existing equity position. This investment remains an opportunistic one for us in our largest market. ITV is a well-run company with attractive growth potential, and we are pleased to increase our position as their largest shareholder.”
“With this level of investment, no prior regulatory approvals are required. Our stake in ITV and the related hedging arrangements are attributed to the Liberty Global Group for purposes of our tracking stock capital structure.”
Liberty Global confirms that it does not intend to make an offer to acquire ITV. Although Liberty Global does not intend to make such an offer, for the purposes of Rule 2.8 of the City Code on Takeovers and Mergers (the “Code”), it does reserve the right, in the circumstances set out in Note 2 to Rule 2.8 of the Code or with the consent of the Takeover Panel, to announce an offer or possible offer or make or participate in an offer or possible offer for ITV (and/or take any other action which would otherwise be restricted by Rule 2.8 of the Code) within the next six months following the date of this announcement. A copy of this announcement will be made available on Liberty Global’s website.