Minority shareholders of Altice Europe are planning to take the company to court over Patrick Drahi's buy-out bid. The hedge fund Lucerne Capital Management said they plan a case at the enterprise chamber of the district court in Amsterdam, where Altice is listed, reports the paper Financeele Dagblad.
Lucerne and other minority shareholders think Drahi's bid of EUR 4.11 per share is too low, Lucerne partner Thijs Hovers told the paper. They also oppose the company's governance structure, whereby Drahi maintains control via a system of two classes of shares.
Altice's share price has fallen this year from a peak of over EUR 6 to around EUR 4. It's currently above the bid price. The bid is conditional on Drahi raising his stake to over 95 percent, but he also reserves the right to go ahead at a lower percentage.
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