Vodaphone Ups Ante In Fight For Germany’s Kabel Deutschland
It looks like a battle is brewing for Germany’s largest cable group, Kabel Deutschland. Vodafone has raised its preliminary offer to about €7.5B ($10.1B), Bloomberg sources said. That’s €85 a share compared to the €80-€82 offer that was initially rejected by Kabel. But it’s equal to a preliminary offer made by John Malone’s Liberty Global. Financial Times, meanwhile, reports that Liberty is structuring its bid to offer assets as opposed to cash. Sources told the paper that Liberty, which recently acquired the UK’s Virgin Media for $23.3B, has proposed injecting its existing German cable assets and keeping Kabel’s public listing. This would help circumvent regulatory concerns about combining Germany’s two biggest cable companies. Liberty owns the No. 2 cable outfit, Unitymedia. However, an all-cash offer could have better chances of being approved, a source told Bloomberg.
Spain Box Office Has Worst Weekend Ever, Down 25% Year-Over-Year
Spanish box office has suffered acutely in the first half of the year. Last weekend was the worst in the nation’s history with only 347,000 tickets sold for €3.7M. That’s 25% off the same weekend last year, according to reports. According to El Pais, Pedro Perez, head of the Spanish producers union FAPAE, said the industry is in “a panic.” (more…)