Ono receives EUR 6.9bn binding offer from Vodafone
Ono’s board will consider an offer from Vodafone that values 100% of the Spanish cable company at EUR 6.9bn including debt, Expansion has reported.
The report in the Spanish-language business daily cited people with knowledge of the situation as saying the offer is binding although subject to due diligence and regulatory approval.
The offer could, however, be rejected by some Ono shareholders who see a greater return from a market listing, the report said.
This news service reported last week that Vodafone should be considered the frontrunner to acquire Ono, citing sector bankers following the situation. It is understood that Vodafone and US-based rival Liberty Global had approached Ono despite the lack of a formal sale process, according to the same report.
Meanwhile, Ono's private equity owners had filed an IPO prospectus for the Spanish cable company the last week of January.
According to a separate item by Reuters, a banking source said Vodafone would need to increase its offer to EUR 7.144bn to be in line with recent deals in the industry that have been structured around paying 9.5 x EBIDTA, the report continued.
Ono’s board is expected to approve the appointment of Deutsche Bank and JPMorgan as lead advisors for the IPO, Expansion said.
Vodafone has been repeatedly linked not only with Ono, but with other European players in the sector, including Spain's Jazztel. In a separate report yesterday, against the backdrop of the Ono developments, EFE cited Orange CEO Jean Marc Vignolles, who dismissed as “pure speculation” rumours the French telco may table a bid for Jazztel.
Expansion, EFE