Morgan Stanley Infrastructure bids for Tele Columbus
Munich — Kirkland & Ellis is advising cable network operator Tele Columbus on a public takeover offer by Kublai GmbH, a bidding company of Morgan Stanley Infrastructure Partners.
Kublai has announced its intention to acquire Tele Columbus for 3.25 euros per share. The acceptance period for the offer is to be six weeks. Subject to regulatory approvals, the takeover offer is expected to be completed in the second quarter of 2021. The main conditions of the offer are a minimum acceptance threshold of 50 percent, waivers by bondholders and creditors of termination rights due to change of control in sufficient numbers, and regulatory approvals.
An extraordinary shareholders’ meeting of Tele Columbus on January 20, 2021 is also expected to approve a rights issue in the amount of EUR 475 million, which will be guaranteed by Kublai.
As the anchor shareholder, United Internet AG supports the takeover bid and has announced its intention to contribute a minority stake of around 29.90 percent to the bidder company if the takeover bid is successful. — The takeover bid was preceded by a multi-stage bidding process initiated by Tele Columbus.
Advisors to Tele Columbus: Kirkland & Ellis Munich
Dr. Achim Herfs (Corporate/M&A, lead), Wolfgang Nardi (Finance), Dr. Anna Schwander (Capital Markets), Tim Volkheimer (London, Capital Markets); Associates: Vanessa Schmieding, Angelina Seelbach (both Corporate/M&A), Dr. Tamara Zehentbauer (Capital Markets) and Fabrice Hipp (Finance)
Advisor United Internet: Hengeler Mueller
Partners Dr. Daniela Favoccia, Dr. Lucina Berger (both Lead, Corporate/M&A), Dr. Wolfgang Groß (Corporate/ECM) and Dr. Johannes Tieves (Financing) as well as Associates Dr. Jan Häller, Dr. Arvid Morawe (both Corporate/M&A) (all Frankfurt), Mauritz Rogier (M&A) and Dr. Carsten Bormann (Public Commercial Law) (both
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