Sept. 11 - Vodafone has set a midnight deadline for Kabel shareholders to agree to its bid terms. David Pollard reports.
75 is today's daily digit - the percentage of shares Vodafone needs to buy in Kabel Deutschland by the end of Wednesday to secure a 7.7 billion euro deal. If too few shareholders agree to sell, Vodafone says it will remove its 84 euros 50 per share offer at midnight German time. Late Tuesday, it had obtained just 20 per cent. But the jury was still out on whether Vodafone - flush with the sucess of its 130 billion dollar Verizon sale - would get the rest. Under German law, a three quarters stake in Kabel would give Vodafone the right to seek extra corporate powers - through a so-called 'domination agreement'. That would give it greater freedom to restructure Kabel. But it could also hand the remaining shareholders the chance to make big demands for their agreement on letting the plans go through.