Altice Europe shares soar after founder Drahi offers buyout


Patrick Drahi, founder of French telecom group Altice

Miguel Medina | AFP | Getty Images

Telecoms and cable group Altice Europe said on Friday its founder Patrick Drahi has offered to buy back the telecom and cable group and take it private.

Altice Europe said the board fully supports and recommends the offer.

“The board believes that the transaction is in the best interests of Altice Europe,” the company said.

Drahi, who owns 39.85% of Altice Europe, offered to buy all the company’s shares for 4.11 euros each in cash, representing a premium of 23.8% over their closing price on Sept. 10, the group said in a statement.

Europe Altice shares were up 24% at 0700 GMT.



Source link

Discover

Sponsor

Latest

Twitter stock drops in first trading day after Trump ban

U.S. President Donald Trump speaks in the East Room of the White House during an event with U.S. mayors on January 24, 2020...

Common steroid improves critically ill Covid-19 patients’ recovery, survival

The WHO says it will update its Covid-19 treatment guidance following the global study’s findings ...

Warren Buffett’s Berkshire Hathaway annual meeting to be virtual again

Warren Buffett during an interview with CNBC's Becky Quick on February 24, 2020.Gerry Miller | CNBCBerkshire Hathaway said Thursday it will hold its...

How Trump’s elections chances affect populist politics

People participate in a pro-Trump rally on October 11, 2020 in Ronkonkoma, New York.Stephanie Keith | Getty Images News | Getty ImagesThe upcoming...