September 30, 2019 / 1:01 PM / 16 days ago

Sunrise investor AOC opposes UPC takeover despite reduced rights issue

ZURICH (Reuters) - Sunrise (SRCG.S) investor AOC joined Germany’s Freenet (FNTGn.DE) in fighting the Swiss telecoms group’s 6.3 billion Swiss franc ($6.33 billion) takeover of Liberty Global (LBTYA.O) Swiss UPC assets, saying a proposal to reduce a rights issue was insufficient to change its mind.

“AOC is sticking to its previous position and rejects the deal, even with its new financing structure,” the activist investor with less than a 3% Sunrise stake said in a statement. “The price hasn’t changed, even as the operative business from UPC has grown more difficult. The price war is escalating and the margins are shrinking. A turnaround is growing more distant.”

Reporting by John Miller

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