United Internet AG (UDIRF.PK), a German telecommunications and internet services company, Friday announced a voluntary public acquisition offer to purchase additional shares of 1&1 AG to increase its stake to up to 90%.
The company plans to purchase by way of a partial offer, up to 16.25 million shares of 1&1, not directly held by United Internet, equivalent to about 9.19% of the share capital.
The offer price of 18.50 euros per share represents a premium of about 20% over Thursday's XETRA closing price or nearly 29% over 3-month average price.
"With this offer, United Internet AG also aims to increase its existing stake in 1&1 from currently around 80.81% of capital stock up to 90% and strengthen its voting majority. A clear and stable shareholder structure is particularly important in view of the upcoming investments for the expansion of the 1&1 mobile network in the coming years," United Internet said in a statement.
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