Liberty Global plc (NASDAQ: LBTYA, LBTYB and LBTYK) has announced that it supports the cancellation of Sunrise Communications´ Extraordinary General Meeting (EGM), the company said.
Sunrise was seeking approval for an ordinary capital increase by way of a rights offering to finance its pending acquisition of UPC Switzerland. Sunrise has reviewed the vote tally, including the intention of its largest shareholder Freenet to vote against the deal, and determined that the proposal was unlikely to be approved by shareholders.
The existing share purchase agreement between the parties will remain in place with some minor amendments, including the flexibility to convene a new EGM and certain adjusted termination rights. In addition, the commitments by Liberty Global in the recently announced Conditional Rights Purchase Agreement will lapse and thereby terminate.
Liberty Global is one of the world´s converged video, broadband and communications companies, with operations in six European countries under the consumer brands Virgin Media, Telenet and UPC.