By Friedrich Geiger
BERLIN-- Kabel Deutschland Holding AG will host an extraordinary
shareholder meeting as demanded by activist investor Elliott, the
German television cable network operator said Monday.
Elliott, which owns 13.5% in Kabel Deutschland, last week called
for the shareholder meeting because the hedge fund doubts that the
price which Vodafone PLC offered at a takeover in 2013 was high
enough.
Kabel Deutschland said it has examined Elliott's demand for a
shareholder meeting, and the assembly will likely take place March
20 in Munich.
Vodafone holds a 77% stake in Kabel Deutschland following the
bid.
Elliott said last week it wants Kabel Deutschland's management
and supervisory boards to explain at the shareholder meeting
findings of a special auditor's report on the takeover.
The auditor concluded that the internal enterprise valuation
carried out by Kabel Deutschland and its investment banks was
significantly higher than the price offered by Vodafone, according
to the hedge fund. The boards' recommendation that Kabel
Deutschland shareholders accept the offer were therefore
implausible, according to Elliott.
Write to Friedrich Geiger at friedrich.geiger@wsj.com
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