Altice UK S.a r.l. Statement re BT Group plc (4067B)
10 June 2021 - 04:00PM
UK Regulatory
TIDMBT.A
RNS Number : 4067B
Altice UK S.a r.l.
10 June 2021
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART
IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT
JURISDICTION.
THIS ANNOUNCEMENT IS AN ANNOUNCEMENT FALLING UNDER RULE 2.8 OF
THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE").
FOR IMMEDIATE RELEASE
10 June 2021
Altice UK S.à r.l ("Altice UK")
Statement regarding BT Group plc ("BT" or "the Company")
Altice UK - a company established and wholly owned by Patrick
Drahi - announces today that it has acquired 1,200,000,000 shares
in BT, representing 12.1% of BT's issued share capital.
Altice holds the Board and Management team of BT in high regard
and is supportive of their strategy. Altice UK has informed the BT
Board that it does not intend to make a takeover offer for BT and
will be bound by that statement for the purposes of Rule 2.8 of the
UK's Takeover Code.
Altice UK has made this significant investment in BT as it
believes that it has a compelling opportunity to deliver one of the
UK Government's most important policies, namely the substantial
expansion of access to a full-fibre, gigabit-capable broadband
network throughout the UK. Altice believes that the UK provides a
sound environment for substantial long-term investment. This is
supported by the current regulatory framework which offers BT the
appropriate incentives to make the necessary investments.
Altice has established itself as one of the leading independent
owners and operators of telecom and broadband networks
internationally. Altice has built and developed significant
networks in the US, France, Portugal and Israel, combining strong
engineering capabilities with efficient operations, delivering high
levels of innovation and service to its customers.
Altice UK has been established for the purpose of holding the
shares in BT. It is separate from the other Altice companies but
benefits from the deep and broad expertise and experience across
the group.
Patrick Drahi said:
"BT has a significant opportunity to upgrade and extend its
full-fibre broadband network to bring substantial benefits to
millions of households across the UK. We fully support the
management's strategy to deliver on this opportunity.
We understand that the expansion of the broadband network is one
of the UK Government's most important policy objectives and a core
part of its levelling up agenda.
Altice has a long and highly successful record of effectively
operating national fibre and mobile networks in a number of
countries, serving over 40 million customers.
Our approach is to combine high levels of technical expertise,
resilience and operating efficiency with a strong focus on
innovation and customer service. Altice has brought an
entrepreneurial culture, energy and effectiveness to building its
networks and operations."
Rule 2.8 statement
Altice UK confirms that it does not intend to make an offer for
BT. This is a statement to which Rule 2.8 of the Takeover Code (the
"Code") applies. Under Note 2 on Rule 2.8 of the Code, Altice UK
reserves the right to set the restrictions in Rule 2.8 aside in any
of the following circumstances:
a) with the agreement of the board of BT;
b) if a third party announces a firm intention to make an offer for BT;
c) if BT announces a "whitewash" proposal (see Note 1 of the
Notes on Dispensations from Rule 9) or a reverse takeover (as
defined in the Code); or
d) if there has been a material change of circumstances (as
determined by the Takeover Panel).
Contact details
Tulchan Communications / AlticeUK@tulchangroup.com / +44 (0) 20
7353 4200
Graeme Wilson
Sunni Chauhan
Giles Kenrick
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END
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