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LBTYA

Liberty Global

$22.02

0.005 (0.02%)

05:27
12/17/19
12/17
05:27
12/17/19
05:27

Liberty Global stops talks regarding combination of UPC Switzerland, Sunrise

Liberty Global announced that it has terminated discussions regarding the combination of UPC Switzerland and Sunrise Communications. "We wish Sunrise well but we are moving on. Despite our willingness to show significant flexibility on terms, it's clear to us that the Sunrise Board of Directors and their largest shareholder cannot agree amongst themselves on the best path forward," said Mike Fries, CEO of Liberty Global. "As we close that door, we are excited by the success of UPC Switzerland's turnaround plan and free cash flow generation, and we will obviously consider other strategic options in the marketplace. We've seen in The Netherlands, Belgium and elsewhere around the world, that the industrial logic of fixed-mobile convergence is indisputable. UPC Switzerland is the fulcrum asset in the Swiss telecom market, with a nationwide 1 Gigabit network, the best entertainment platform and a growing fixed-mobile subscriber base." Liberty Global and Sunrise announced a binding agreement on February 27, 2019 and the combination received unconditional regulatory approval in September. However, in October, Sunrise cancelled its extraordinary general meeting, with approval from Liberty Global, due to a dispute with its largest shareholder and the Share Purchase Agreement providing for the transaction was terminated in November. After payment to Liberty Global of a CHF 50M break fee, negotiations continued up until this announcement.

  • 14

    Feb

LBTYA Liberty Global
$22.02

0.005 (0.02%)

09/25/19
09/25/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Liberty Global (LBTYA) downgraded to Equal Weight from Overweight at Barclays. 2. Borr Drilling (BORR) downgraded to Equal Weight from Overweight at Morgan Stanley. 3. Atlantic Union Bankshares (AUB) downgraded to Hold from Buy at Sandler O'Neill with analyst Casey Orr citing valuation. 4. Hilton Grand Vacations (HGV) downgraded to Neutral at Janney Montgomery Scott with analyst Tyler Batory saying his rating change was "mostly" due to valuation as he thinks the risk/reward is more balanced following the New York Post article published last month about a potential takeout. 5. Ultra Clean (UCTT) downgraded to Market Perform from Outperform at Cowen with analyst Karl Ackerman saying his field work in Asia suggests investor expectations for memory wafer fab equipment "may be inflated." This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/17/19
HSBC
10/17/19
DOWNGRADE
Target $28
HSBC
Hold
Liberty Global downgraded to Hold at HSBC
HSBC analyst Christian Fangmann downgraded Liberty Global to Hold from Restricted, previously a Buy, with a $28 price target.
10/23/19
BNCH
10/23/19
NO CHANGE
Target $32
BNCH
Buy
Liberty Global price target lowered to $32 from $34 at Benchmark
Benchmark analyst Matthew Harrigan lowered his price target for Liberty Global shares to $32 from $34 following Sunrise's "disappointing scrapping" of the scheduled meeting that was intended to approve what had been a revised rights offering to finance the Swiss mobile operator's proposed acquisition of UPC Switzerland. He blames proxy advisory fund ISS's "overreached assessment" about UPC Switzerland's impact on 5G deployment as well as dissident German shareholder Freenet's "inflated view" of Sunrise's fair value for the deal failure. Harrigan keeps a Buy rating on Liberty Global shares.
11/18/19
LEHM
11/18/19
DOWNGRADE
Target $21
LEHM
Underweight
Liberty Global downgraded to Underweight from Equal Weight at Barclays
Barclays analyst Maurice Patrick downgraded Liberty Global to Underweight from Equal Weight with a $21 price target.

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