Amsterdam court approves Versatel-Tele2 merger plans

AMSTERDAM - A Dutch court approved plans on Monday for telecoms company Versatel to merge with Tele2’s operations in the Netherlands and Belgium, rejecting demands from hedge fund shareholders to halt the merger.

By (Reuters)

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Published: Mon 12 Feb 2007, 5:28 PM

Last updated: Sat 4 Apr 2015, 9:54 PM

Huub Willems, president of the Enterprise chamber of the Amsterdam appeals court, said in his ruling that the companies would not have to submit a new merger plan.

Versatel shareholders are meeting later on Monday to vote on the 250 million euro ($325 million) merger.

‘Versatel intends to proceed with the proposed acquisitions of Tele2 Netherlands and Tele2 Belgium and the proposed rights offering, which proposals will be voted on during an extraordinary general shareholders meeting scheduled for today at 1030 GMT.’

Sweden’s Tele2, which made a bid for Versatel in 2005 and acquired more than 80 percent of its shares, said last August Versatel would buy Tele2’s Dutch and Belgian operations to integrate the two companies, despite opposition by minority shareholders to the takeover.

Tele2 shares were down 0.7 percent at 108.50 crowns at 1030 GMT in Stockholm, while Versatel was unchanged at 0.79 euros.

Centaurus Capital Ltd., Amber Capital LLP, Fursa Alternative Strategies UK Limited and Dorchester Asset Management LLP had asked for a judicial investigation and requested provisional measures to prevent the merger.

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