The German cable operator Primacom has issued new shares, pushing the stake held by suitor Orion Cable below the 25% mark that would provide it with the ability to block any decision requiring shareholder approval, including whether or not to sell the company
Orion’s parent Escaline II S. à r. l. has made an offer for the last independent publicly held cable operators in Germany of €10 per share through its Omega subsidiary. However, in May the competing suitor and leading MSO KDG acquired 14.28% from Primacom chairman Wolfgang Preuß for €12,- per share in a deal that is still being investigated by the German competition authorities.
According to Primacom, Orion now holds 24.52%, or 5,287,200 out of the total of 21,559,395 voting rights, in the cable company.