NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.
THIS ANNOUNCEMENT IS AN ANNOUNCEMENT FALLING UNDER RULE 2.8 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE").
FOR IMMEDIATE RELEASE
14 December 2021
Altice UK S.à r.l ("Altice UK")
Statement regarding BT Group plc ("BT" or "the Company")
Altice UK - a company established and wholly owned by Patrick Drahi - announces today that it has acquired a further 585,476,188 shares in BT, increasing its ownership to 1,785,476,188 shares, which represents 18.0% of BT's issued share capital.
Altice UK has restated its position to the Board of BT that it does not intend to make an Offer for BT and will be bound by that statement for the purposes of Rule 2.8 of the UK's Takeover Code.
Patrick Drahi has stated:
"We are pleased to take this opportunity to increase our shareholding in BT. Over recent months we have engaged constructively with the Board and Management of BT and look forward to continuing that dialogue. We continue to hold them in high regard and remain fully supportive of their strategy, principally to play the pivotal role in delivering the expansion of access to a full fibre broadband network; an investment programme which is so important to both BT and to the UK."
Rule 2.8 statement
Altice UK confirms that it does not intend to make an offer for BT. This is a statement to which Rule 2.8 of the Takeover Code (the "Code") applies. Under Note 2 on Rule 2.8 of the Code, Altice UK reserves the right to set the restrictions in Rule 2.8 aside in any of the following circumstances:
a) with the agreement of the Board of BT;
b) if a third party announces a firm intention to make an offer for BT;
c) if BT announces a "whitewash" proposal (see Note 1 of the Notes on Dispensations from Rule 9) or a reverse takeover (as defined in the Code); or
d) if there has been a material change of circumstances (as determined by the Takeover Panel)
Contact details
Tulchan Communications / AlticeUK@tulchangroup.com / +44 (0) 20 7353 4200
Graeme Wilson
Giles Kernick
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