- 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, Inc. (“Liberty Global” or “LGI”) (NASDAQ: LBTYA, LBTYB and LBTYK) today announces that its wholly-owned subsidiary Binan Investments B.V. (“Binan”) has opened its voluntary and conditional cash offer (the “Offer”) for the outstanding shares and other securities giving access to voting rights of Telenet Group Holding NV (“Telenet”) (Euronext Brussels: TNET) that it does not already own or that are not held by Telenet. The prospectus sets forth the next steps in the bid process and provides further justification of the Offer price and its attractiveness for minority shareholders. Shareholders will have until 16:00 (CET) on January 11, 2013 to tender their securities into the Offer before the initial acceptance period closes. Liberty Global believes that an Offer price of €35.00 per ordinary share is highly attractive for Telenet shareholders and provides a meaningful premium to relevant benchmarks. At a time when the cable sector is trading at multi-year highs, the Offer represents additional value for shareholders in terms of 1: