×
You will be redirected back to your article in seconds

UPC, PrimaCom push back vote on merger

Postponement due to 'changed market conditions'

NEW YORK — Plans for United Pan-Europe Communications (UPC) and PrimaCom to merge their German cable assets were put on hold Monday as the companies agreed to postpone a vote on the combination scheduled by the latter’s shareholders to have been held at their annual meeting today.

Deal, announced in March, would create Germany’s third cable operator. Companies said mutual decision to postpone was “due to significantly changed market conditions since the merger was announced”– meaning a downturn in financial markets made the terms of a deal hard to meet.

Date for Halloween

“The parties have agreed to investigate possible ways to meet all conditions precedent to close the merger and expect to conclude discussions by no later than (Oct. 31),” the companies said.

German newspaper Handelsbatt said Monday that the delay stemmed in part from worries among some PrimaCom investors that the company may become enmeshed in John Malone’s Liberty Media. The Denver investment firm holds a majority stake in UPC’s U.S.-based parent company, United GlobalCom.

The Netherlands-based UPC is Europe’s biggest cable company. Its shares, which have been decimated this year, fell 3.3% to 58¢ on Monday.

More Biz

  • The ruins of a spiral staircase

    How to Help Victims of the California Wildfires

    NEW YORK — Plans for United Pan-Europe Communications (UPC) and PrimaCom to merge their German cable assets were put on hold Monday as the companies agreed to postpone a vote on the combination scheduled by the latter’s shareholders to have been held at their annual meeting today. Deal, announced in March, would create Germany’s third […]

  • NYU Campus - The NYU students

    NYU to Launch Los Angeles-Based Program

    NEW YORK — Plans for United Pan-Europe Communications (UPC) and PrimaCom to merge their German cable assets were put on hold Monday as the companies agreed to postpone a vote on the combination scheduled by the latter’s shareholders to have been held at their annual meeting today. Deal, announced in March, would create Germany’s third […]

  • Scott Budnick

    Scott Budnick’s One Community Aims to Make a Difference With Activist Content

    NEW YORK — Plans for United Pan-Europe Communications (UPC) and PrimaCom to merge their German cable assets were put on hold Monday as the companies agreed to postpone a vote on the combination scheduled by the latter’s shareholders to have been held at their annual meeting today. Deal, announced in March, would create Germany’s third […]

  • Michael B Jordan Variety Feature Article

    How Michael B. Jordan Is Leading the Charge in Hollywood's Diversity Efforts

    NEW YORK — Plans for United Pan-Europe Communications (UPC) and PrimaCom to merge their German cable assets were put on hold Monday as the companies agreed to postpone a vote on the combination scheduled by the latter’s shareholders to have been held at their annual meeting today. Deal, announced in March, would create Germany’s third […]

  • John Sykes, Bob PittmaniHeartRadio iPad App

    iHeartMedia Unveils Post-Bankruptcy Board of Directors

    NEW YORK — Plans for United Pan-Europe Communications (UPC) and PrimaCom to merge their German cable assets were put on hold Monday as the companies agreed to postpone a vote on the combination scheduled by the latter’s shareholders to have been held at their annual meeting today. Deal, announced in March, would create Germany’s third […]

  • Billy Porter

    Emma Gonzalez, 'Queer Eye' Cast Among Out100 Honorees

    NEW YORK — Plans for United Pan-Europe Communications (UPC) and PrimaCom to merge their German cable assets were put on hold Monday as the companies agreed to postpone a vote on the combination scheduled by the latter’s shareholders to have been held at their annual meeting today. Deal, announced in March, would create Germany’s third […]

More From Our Brands

Access exclusive content