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ZURICH, Oct 9 (Reuters) – Liberty Global LBTYA.O cleared a key hurdle in its all-cash 6.8 billion Swiss franc ($7.43 billion) tender for Switzerland’s Sunrise Communications SRCG.S, with provisional results on Friday showing an acceptance rate of nearly 82%.
In the surprise deal announced in August, Liberty Global offered 110 Swiss francs per share in Sunrise, Switzerland’s No. 2 telecoms company. One condition was that it get at least two thirds of the shares.
Shares closed on Thursday at 109 francs, up 43% this year.
An additional acceptance period now runs until Oct. 28. Liberty Global intends to initiate a squeeze-out procedure and delist Sunrise shares from trading on the SIX Swiss Exchange once the deal is set.
The agreed deal reversed Sunrise’s failed bid to buy Liberty’s Swiss business last year and marked a strategic reversal by the