Sunrise Communications faces an uphill battle to complete its takeover of Liberty Global’s Swiss network after its largest shareholder said it would oppose a rights issue to fund the $6.3bn takeover.
The Swiss company, which has a market value of SFr3.3bn ($3.3bn), agreed to acquire its rival this week and said it expected to have completed the takeover by the third quarter.
However, the funding mechanism for the deal could prove a high hurdle for it to clear after Freenet, which owns almost a quarter of Sunrise’s shares, said it would not support a SFr4.1bn rights issue to pay for the deal and pay down some existing debt.
Full Content: Financial Times
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
THIS ARTICLE IS NOT AVAILABLE FOR IP ADDRESS 216.73.216.118
Please verify email or join us
to access premium content!
