Navigate this market better. Subscribe for FREE stock alerts and information.

Saturday, February 8, 2014

Vodafone to present offer for Spain's Ono next week - paper, (NASDAQ: LBTYA)

Britain's Vodafone has made a formal bid for ONO which will be studied at the cable firm's next board meeting on Febuary 11, newspaper Expansion reported on Saturday. The companies declined to comment.One source familiar with the situation told Reuters talks were continuing while two other sources consulted said there would be no offer.Ono's owners, private equity investors, were planning an initial public offering but may consider a straight takeover as both Vodafone and Liberty Global are vying to purchase the firm, Spain's largest cable operator.Ono had core earnings of 752 million euros for 2012, which at the median multiple of 9.4 times would give an enterprise value of 7.1 billion euros.

Shares of LBTYA traded higher by 1.46% or $1.18/share to $81.87. In the past year, the shares have traded as low as $62.71 and as high as $90.93. On average, 1924830 shares of LBTYA exchange hands on a given day and today's volume is recorded at 2370542.