PR Newswire | Dec 16, 2020 02:33AM EST

Acquire Altice Europe

12/16 01:32 CST

Lucerne Capital Issues Statement Regarding Revised Offer From Next Private To Acquire Altice Europe GREENWICH, Conn. and AMSTERDAM, Dec. 16, 2020

GREENWICH, Conn. and AMSTERDAM, Dec. 16, 2020 /PRNewswire/ -- Lucerne Capital Management ("Lucerne"), a registered investment adviser managing funds that own approximately EUR 106 million of shares of Altice Europe N.V. (ATC.AS) ("Altice Europe" or the "Company"), today issued the following statement regarding the revised all-cash offer of EUR 5.35 per share for all common shares A and common shares B of Altice Europe by Next Private B.V. (the "Revised Offer"):

This Revised Offer represents a significant increase in price, demonstrating that the Company and its independent directors recognize the inherent value of Altice Europe stock. We appreciate the support we have received from other Altice Europe shareholders and are pleased to reach this outcome, which we believe provides fair value to minority shareholders and represents a positive outcome for all stakeholders in the Company.

As previously announced, Lucerne sent letters to the Altice Europe Board of Directors on October 1 and November 30 opposing the original offer of EUR 4.11. Subsequently, Lucerne filed a petition with the Enterprise Chamber in Amsterdam on December 7 asking the court to order an inquiry into Altice Europe, to appoint three independent non-executive directors to assess and supervise the original offer, and to prohibit a vote on the "pre-wired restructuring measures."

About Lucerne Capital Management

Lucerne Capital Management, founded in 2000 and co-managed by Pieter Taselaar and Thijs Hovers, is an investment firm specializing in bottom-up stock selection with a focus on European markets.

Contacts

Lucerne Capital Management

Claudia Taselaar

+1 914 819 3746

ctaselaar@lucernecap.com

Media Contacts

Steve Bruce/Taylor Ingraham

ASC Advisors

+1 203 992 1230

sbruce@ascadvisors.com / tingraham@ascadvisors.com

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SOURCE Lucerne Capital Management