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ZURICH, Oct 9 (Reuters)Liberty Global LBTYA.O cleared a key hurdle in its all-cash 6.8 billion Swiss franc ($7.43 billion) tender for Switzerland’s Sunrise Communications SRCG.S, with provisional results on Friday showing an acceptance rate of nearly 82%.

In the surprise deal announced in August, Liberty Global offered 110 Swiss francs per share in Sunrise, Switzerland’s No. 2 telecoms company. One condition was that it get at least two thirds of the shares.

Shares closed on Thursday at 109 francs, up 43% this year.

An additional acceptance period now runs until Oct. 28. Liberty Global intends to initiate a squeeze-out procedure and delist Sunrise shares from trading on the SIX Swiss Exchange once the deal is set.

The agreed deal reversed Sunrise’s failed bid to buy Liberty’s Swiss business last year and marked a strategic reversal by the U.S. company, which had been divesting European assets.

Sunrise’s bid to buy Liberty Global’s Swiss cable business UPC last year collapsed in the face of opposition from Sunrise’s biggest shareholder, Germany’s Freenet FNTGn.DE, and activist investors including Axxion and AOC, who baulked at the price.

Freenet, which owns 24% of Sunrise, had committed to tender its shares for Liberty Global’s bid.

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 = 0.9154 Swiss francs)

(Reporting by Michael Shields; Editing by Maria Sheahan)

(([email protected]; +41 41 528 3630; Reuters Messaging: [email protected]))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Source Article

BOSTON, Oct. 1, 2020 /PRNewswire/ —¬†Liberty Mutual Insurance today announced it has been selected by Lyft to provide coverage for drivers using its rideshare platforms throughout Arizona, Michigan, New Mexico, Texas and Utah, effective today. Under the program, Liberty Mutual provides specific coverages in five states from the time a driver has their Lyft app on to app off.

Liberty Mutual Insurance (PRNewsfoto/Liberty Mutual Insurance)

“We’re excited to have been selected to take part in Lyft’s auto insurance program,” said Liberty Mutual Insurance Sharing Economy & New Mobility Senior Vice President and Chief Underwriting Officer David Blessing.¬†“Drawing on Liberty Mutual’s deep expertise in both commercial and personal lines, we are able to deliver complex risk management solutions to meet the insurance needs of one of the preeminent companies in the sharing economy.”

“We’re pleased that Lyft recognizes our dedication to innovation as we continue to develop compelling products and services that meet customers’ changing needs,” said Liberty Mutual Vice President, Product Technology Solutions, Nicholas Grant.¬† “Our Mobility Practice brings together specialized underwriting, actuarial, claims, and service teams for rideshare giants like Lyft, as well as car subscription, vehicle sharing, delivery services, and autonomous vehicle companies.”

About Liberty Mutual Insurance

At Liberty Mutual, we believe progress happens when people feel secure. By providing protection for the unexpected and delivering it with care, we help people embrace today and confidently pursue tomorrow.

In business since 1912, and headquartered in Boston, today we are the sixth largest global property and casualty insurer based on 2019 gross written premium. We also rank 77th on the Fortune 100 list of largest corporations in the U.S. based on 2019 revenue. As of December 31, 2019, we had $43.2 billion in annual consolidated revenue.

We employ over 45,000 people in 29