Liberty Global clears way for Sunrise takeover after being offered 82% shares

ZURICH (Reuters) – Liberty Global has been successful in its 6.8 billion Swiss franc ($8.74 billion) attempt to buy Switzerland’s Sunrise Communications after the all-cash offer was accepted by nearly 82% of the target’s shareholders.

Liberty Global, set up by U.S. cable pioneer John Malone, offered 110 Swiss francs per share of Sunrise, Switzerland’s second-biggest telecoms company, in a surprise deal in August.

The approach was a reversal of Sunrise’s failed bid to buy Liberty’s Swiss business, which collapsed after running into shareholder opposition last year.

At the end of the offer period on Oct. 8, 37.1 million Sunrise shares – equivalent to 81.98% of the voting rights and share capital – had been offered, the companies said on Wednesday in the definitive notice of the interim result.

The outcome, which exceeds the minimum acceptance threshold of two-thirds of all Sunrise shares being tendered, confirms the earlier provisional result.

An additional acceptance period of ten trading days will now start on Oct. 15 and run until Oct. 28.

An extraordinary shareholders meeting to be called by Sunrise will be held on or around Nov. 9, while Liberty Global intends to start the de-listing process for Sunrise from the SIX Swiss Exchange. It will also start the squeeze-out process for the remaining shareholders.

The deal, which is subject to regulatory approval, is the latest sign of consolidation in the telecom industry as companies try to cut costs and ramp up investments in technology.

($1 = 0.9151 Swiss francs)

(Reporting by John Revill; Editing by Krishna Chandra Eluri)

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Wipro shares fall nearly 7% as organic growth, revival plan disappoint

By Sethuraman N R

BENGALURU (Reuters) – Shares of Wipro Ltd fell 6.8% on Wednesday, a day after the software services firm posted quarterly organic revenue growth that was lower than peers and disappointed some investors with its plans to revive growth.

Chief Executive Officer Thierry Delaporte, who took the helm in July, said on Tuesday Wipro would focus more on large deals and “prioritize the markets and sectors that are relevant,” without giving more details.

The commentary let down some investors who were hoping for more concrete steps from a company that has underperformed its rivals in the recent past.

“The strategic roadmap from the CEO to revive growth was not as strong as it was expected to be,” IDBI Capital research analyst Urmil Shah said.

Wipro also saw a decline in revenue from its key markets of the Americas and Europe in the second quarter as clients cut spending, but some new deals helped to keep overall revenue largely flat at 151.15 billion rupees ($2.06 billion).

“Organic growth was down 4.5% year-on-year, lower than Accenture Plc (down 3%) and Tata Consultancy Services Ltd (down 3.2%),” AMP analysts said.

Quarterly profit also fell and missed analysts’ estimates.

Wipro said it expects revenue at its IT services business to be in the range of $2.02 billion to $2.06 billion in the December quarter, lower than the $2.09 billion it earned a year earlier.

The company approved a 95 billion rupees share buyback at 400 rupees per share.

“While the quantum of buyback was largely in line with our expectations, the buyback price was a disappointment,” ICICI Securities said in a note.

Wipro shares were set for their biggest one-day percentage loss since April in a weak broader market, while rival Infosys Ltd was down 0.2% ahead of quarterly results later

Why are VCs launching SPACs? Amish Jani of FirstMark shares his firm’s rationale

It’s happening slowly but surely. With every passing week, more venture firms are beginning to announce SPACs. The veritable blitz of SPACs formed by investor Chamath Palihapitiya notwithstanding, we’ve now seen a SPAC (or plans for a SPAC) revealed by Ribbit Capital, Lux Capital, the travel-focused venture firm Thayer Ventures, Tusk Ventures’s founder Bradley Tusk, the SoftBank Vision Fund, and FirstMark Capital, among others. Indeed, while many firms say they’re still in the information-gathering phase of what could become a sweeping new trend, others are diving in headfirst.

To better understand what’s happening out there, we talked on Friday with Amish Jani, the cofounder of FirstMark Capital in New York and the president of a new $360 million tech-focused blank-check company organized by Jani and his partner, Rick Heitzmann. We wanted to know why a venture firm that has historically focused on early-stage, privately held companies would be interested in public market investing, how Jani and Heitzmann will manage the regulatory requirements, and whether the firm may encounter conflicts of interest, among other things.

If you’re curious about starting a SPAC or investing in one or just want to understand how they relate to venture firms, we hope it’s useful reading. Our chat has been edited for length and clarity.

TC: Why SPACs right now? Is it fair to say it’s a shortcut to a hot public market, in a time when no one quite knows when the markets could shift?

AJ: There are a couple of different threads that are coming together. I think the first one is the the possibility that [SPACs] works and really well. [Our portfolio company] DraftKings [reverse-merged into a SPAC] and did a [private investment in public equity deal]; it was a fairly complicated transaction and they used this to go public and the

Apple Shares Popped Monday: Everything You need to Know

Apple  (AAPL) – Get Report shares surged Monday and the reason shouldn’t surprise anyone. The company is unveiling its iPhone 12 Tuesday, but there is a lot of information incorporated into the stock move.

The stock rose more than 6% to about $124 a share by 2 PM EDT Monday. After a nasty correction in September, when the stock fell as much as 20% — a technical bear market — investors have been willing to pay a roughly 30 times multiple on the next 12 months of earnings. That’s against analysts’ estimates of 8% compounded earnings growth for the next several years. However, analysts TheStreet has spoken with admit short-term and long-term earnings estimates have significant upside across businesses, legacy hardware, wearables and services.

The stock move Tuesday brings Apple’s earnings multiple to just under 35, which may seem stretched to some. Bullish Apple analysts around The Street note that upside 5G sales estimates are a plausible scenario and argue that some analysts are too conservative in their forecasts.

The iPhone 12 release is expected to feature more 5G capability than previous versions. Apple’s iPhone business has seen a significant downward bend in its innovation curve in the last several years and although the 5G cycle is an industry growth driver rather than an Apple-specific one, it’s a strong tailwind that Apple is happy to accept. The lofty multiple may remain in place as stock gains potentially moderate if analysts soon revise hardware estimates on the back of a successful iPhone 12 launch. Apple shares tend to post muted moves after these product events, which often involve heavy anticipation.

Analysts currently expect Apple to sell about 75 million iPhones in each of the next few quarters, up from about 65 million expected just a few weeks ago. Analyst

Savannah Guthrie Shares Sweet and Positive Message Daughter Vale, 6, Typed on Her Computer



a girl posing for a picture: savannah Guthrie/ Instagram


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savannah Guthrie/ Instagram

Savannah Guthrie’s young daughter Vale has quite an optimistic spirit.

On Friday morning, the 48-year-old Today show host shared a social media post of a sweet and positive note that her 6-year-old daughter left for her on her laptop.

“Vale typed this message on my laptop after finishing her virtual homework,” Gutherie wrote alongside her Instagram post, before showing off Vale’s adorable message: “I love pepole [sic], and pepole [sic] love me. Yay!”



a girl posing for a picture: In addition to daughter Vale, the Today host is mom to 3-year-old son Charles "Charley" Max, whom she shares with husband Michael Feldman


© savannah Guthrie/ Instagram
In addition to daughter Vale, the Today host is mom to 3-year-old son Charles “Charley” Max, whom she shares with husband Michael Feldman

Then, referring to her daughter’s cheerful note, Guthrie continued, “How much better would the world be if we all went through life thinking like this?”

“Never lose your spirit, sweet girl,” she added.

RELATED: Savannah Guthrie Shares Adorable Text Message from Her 5-Year-Old Daughter: ‘I Miss You’

Fans of Guthrie chimed in on the comments section of the post, where they admired her daughter for her sweet remarks.