Hedge fund Lucerne Capital, an investor in Altice Europe NV, has raised objections to billionaire Patrick Drahi’s plan to take the company private, saying his offer undervalues the company.
Altice’s founder and largest shareholder made an offer Sept. 11 to pay 4.11 euros a share through his Next Private vehicle, valuing the entire company at 4.9 billion euros. That represented a 24% premium over the previous day’s closing price.
The offer represents a “significant discount” to the shares, and is designed to squeeze out minority investors, the hedge fund wrote in a letter to the French telecommunications company’s board Thursday.
Lucerne Capital, founded in 2000, said it represents funds owning about 94 million euros of Altice Europe shares.
A representative for Altice didn’t immediately respond to a request for comment.
“Mr. Drahi is using the temporary lull in the share price, caused by Covid-19, to unlock the huge upside in value for himself and others with equity exposure only, to the detriment of the minority shareholders,” the hedge fund wrote.
Read More: Billionaire Drahi’s Altice Bid Smacks of Opportunism: Alex Webb
The stock could more than triple to 15 euros, Pieter Taselaar, Greenwich, Connecticut-based Lucerne Capital’s founder, said in November. After five years of price wars in the French telecommunications market, all players are getting more rational on pricing, he said at the time.
Lucerne also raised issues on Thursday about the potential for the minimum acceptance level of 95% to be waived and an information imbalance between Drahi and other investors.
- Google just gave away the India launch date for the Pixel 4a.
- The phone will land in India on October 17.
- It will go on sale through Flipkart.
Google has finally announced the India launch date for the Pixel 4a. The mid-range Google phone that debuted in the US back in August will reach Indian shores on October 17. Google confirmed the Pixel 4a India launch while replying to a query on Twitter.
It’s possible that Google’s Twitter account jumped the gun because we were initially expecting the company to announce the India availability of the Pixel 4a during the Pixel hardware event that concluded a few hours back. When that didn’t happen, we thought Google would put out an official Pixel 4a India launch announcement at a later date. Looks like the cat is finally out of the bag.
Where to buy the Google Pixel 4a in India and for how much?
The Google Pixel 4a will be made available in India through Flipkart. The e-commerce platform has already put up a dedicated page for the phone on its website. However, it doesn’t mention the October 17 launch date just yet.
The Pixel 4a is a mid-tier smartphone that features the Snapdragon 730 chipset. Unlike its recently launched successors — the Pixel 4a 5G and Pixel 5 — the phone does not support 5G connectivity. Not that India has any 5G networks to speak of. The good thing is that it comes with the same primary camera as the more premium Google phones so expect to take some quality photos with the device.
It’s also cheaper than the new Google phones at $349. This translates to somewhere around Rs. 25,000 in India. However, Google phones are usually marked up in India compared to their international counterparts, so the phone