U.S. cable group Liberty Global has made an approach to purchase Dutch firm Ziggo , as it leads a charge to consolidate the sector in Europe.Ziggo, which has a market value of 6.3 billion euros ($8.51 billion), on Wednesday said it had rejected the potential offer from its largest shareholder as inadequate.It did not disclose how much Liberty Global, controlled by U.S. tycoon John Malone, had offered to pay for the rest of the company. Liberty already holds 28.5 percent of Ziggo, a provider of TV, internet and telephone services.Liberty, which owns Germany's second-largest cable operator UnityMedia, bought Britain's Virgin Media in a stock-and-cash deal worth about $15.8 billion in February.
Shares of LBTYA traded higher by 0.34% or $0.26/share to $77.23. In the past year, the shares have traded as low as $54.05 and as high as $82.50. On average, 2135910 shares of LBTYA exchange hands on a given day and today's volume is recorded at 1344169.
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