- A 12.5% premium to the September 19, 2012 Telenet closing share price, a 25.2% premium over the volume weighted average share price during the 12-month period then ended and a 4.9% premium over Telenet’s all-time high trading price prior to the announcement of the Offer;
- A 15.2% premium to Telenet’s peer group (Ziggo N.V. (“Ziggo”), Kabel Deutschland Holding AG (“KDG”), Virgin Media, Inc. (“Virgin Media”) and LGI) trading multiples based on 2013 estimated EBITDA 2 minus estimated capital expenditures 3 , which in LGI’s view, is the most appropriate valuation metric as it eliminates accounting differences and captures varying investment requirements;
- A 2.9% premium to equity research analysts’ average and median future target prices of €34.00 ; and
- A significant premium of 17.4% over the mid-point discounted cash flow (“DCF”)-based valuation of €29.80 per share, based on the LGI Adjusted May LRP 4 .
Liberty Global Opens Voluntary And Conditional Cash Offer For Telenet
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