By Joe Hoppe
Altice UK said Tuesday that it has purchased a further 650 million shares in BT Group for around 961 million pounds ($1.20 billion), bringing its ownership up to around 24.5% of the company’s issued share capital.
The telecommunications and mass media company said it has restated its position to the board of BT that it doesn’t plan to make an offer for the company and will be bound by that statement under U.K. takeover rules.
Based on BT’s closing share price of 147.85 pence on Monday, this implies Altice’s new purchase is worth around GBP961 million. Its full stake is now worth around GBP3.60 billion.
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