Shares of Liberty Global PLC LBTYA tacked on 0.9% in morning trading Tuesday, putting them on track for a sixth straight gain, after the broadband, video and mobile communications company announced plans to buy the rest of the shares of Belgium-based cable television services company Telenet Group Holdings N.V. BE:TNETTLGHY that it doesn’t already own. Liberty currently owns 59.2% of Telenet’s outstanding shares, while Telenet’s market capitalization was recently EUR1.64 billion ($1.77 billion). Liberty intends to pay EUR22.00 for each share it doesn’t already own, which Liberty said represents a 59% premium to the March 15 closing price. Telenet’s board of directors voted unanimously to support Liberty’s buyout plans. “We believe an offer of EUR 22.00 per share provides a good opportunity for Telenet shareholders to monetize their investment at an attractive premium,” Liberty Chief Executive Mike Fries said. Liberty’s stock, which is headed for the longest win streak since the six-day stretch that ended July 22, 2022, has gained 2.5% year to date, while the S&P 500 SPX has advanced 4.0%.
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